Nigeria to Witness Increase in Price of Gas

The Gas Aggregation Company of Nigeria Limited has hinted that all agreements being used in Nigeria’s gas market would be reviewed to meet present day market realities.

The review may lead to a rise in prices of gas.

GACN noted that a workshop involving 670 operators in the sector was organised earlier in the week to highlight the review.

The Nigerian National Petroleum Corporation, international and indigenous oil companies, gas purchasers, gas trade associations and financial service practitioners attended the virtual workshop.

Participants at the event agreed the review would help expedite the execution of Gas Sale Aggregation Agreements by operators, Interruptible Gas Sales Agreement, as well as gas swap transactions.

GACN’s Chairman, who doubles as the Managing Director, Nigerian Petroleum Development Company Limited, Mansur Sambo explained in a statement that the review would support government’s drive to make gas a sustainable revenue source for the country.

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