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Business News of Wednesday, 11 May 2022

Source: punchng.com

Nigeria gains as WAPCo sells 258mcf of gas in 24hrs

West African Gas Pipeline Company (WAPCo) West African Gas Pipeline Company (WAPCo)

The West African Gas Pipeline Company, WAPCo, sold 258 million standard cubic feet of gas in 24 hours in March due to increased demand caused by Russia’s invasion of Ukraine.

WAPCo is owned by companies in Nigeria, Ghana, Togo and the Benin Republic, including the Nigerian National Petroleum Corporation Limited, which has a 24.9 per cent stake in it.

Managing Director of WAPCo, Gregory Germani, said the gas company saw the highest one-day peak of 258 million standard cubic feet of gas per day in March, noting that the company set a new monthly average record of 215 million standard cubic feet per day of natural gas for itself.

Though he did not mention previous numbers in terms of sales, experts said the number represented a 20-40 per cent increase in sales.

“Given the history of supply challenges on the West African Gas Pipeline in the past, these constitute remarkable progress, demonstrating how gas supply prospects on the WAGP have evolved and reflected how hard we have worked to overcome previous vulnerabilities,” he said.

He said the company, together with the West African Gas Pipeline Authority, would implement the novel WAGP Network Code to further advance growth opportunities and offer a level-playing ground for all parties.

Nigeria’s Minister of State for Petroleum Resources, Timipre Sylva, said the gas pipeline project was true proof of economic integration and cooperation in the ECOWAS sub-region.

“This meeting is coming at a very critical time, especially given the changing socio-political landscape occasioned by the Russian-Ukrainian war that has put pressure on global gas demands across Europe.”