Nigeria LNG, owner of the six-train Bonny LNG plant in the Niger Delta, said its January-April revenue fell 30% year on year due to the slump in global oil prices.
NLNG Deputy Managing Director, Isa Inuwa told a shareholders meeting that the company’s share of the global LNG supply shrank during the same period to about 5% from 8%.
He said the company is battling new LNG supply sources and dwindling international demand.
“Our prices are indexed to crude, at least a significant portion of our portfolio.
“The price of gas is indexed to Brent, hence if there is a fall in the prices of Brent, it means we will sell for less,” Inuwa said.
Crude plummeted from more than $100/barrel in July. July ICE Brent crude was trading at $66.71/b at 0650 GMT Friday.
The Bonny LNG plant currently produces 22 million mt/year and exported 315 cargoes in 2014, according to company data.
Inuwa said that NLNG has started renegotiating contracts with buyers of supply from the first three trains. Contracts with Enel, Gas Natural, Botas and GDF Suez were signed in 1999.
NLNG is owned jointly by state oil firm Nigerian National Petroleum Corp. (49%), Shell (25.6%), Total (15%) and Eni (10.4%).
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