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October 18, 2022
Portugal’s oil and gas company Galp Energia said on Monday it may face additional sourcing disruptions after Nigeria LNG declared force majeure due to a widespread flooding.
Galp Energia said in a statement it had received a notice from Nigeria LNG (NLNG), its main natural gas supplier, about the force majeure but said “no information was provided to support an assessment of potential impacts”.
It said it “may however result in additional sourcing disruptions to Galp”.
Flooding in Nigeria has killed more than 600 people, displaced 1.4 million and destroyed roads and farmland. Officials have warned that the flooding, caused by unusually heavy rains and the release of water from a dam in Cameroon, could continue into November. read more
The declaration of force majeure could worsen Nigeria’s cash crunch and will curtail global gas supplies as Europe and others struggle to replace Russian exports due to the invasion of Ukraine in February. read more
Last year, Portugal imported 2.8 billion cubic meters of LNG from Nigeria, or 49.5% of total imports, while the United States was the second-largest supplier with a share of 33.3%.
REUTERS
