Price for Petroleum Gases and Other Gaseous Hydrocarbons; Liquefied, Natural Gas in Nigeria - 2023

Contents:

1. Price for Petroleum Gases and Other Gaseous Hydrocarbons; Liquefied, Natural Gas in Nigeria (FOB) - 2022
2. Exports of Petroleum Gases and Other Gaseous Hydrocarbons; Liquefied, Natural Gas in Nigeria

Price for Petroleum Gases and Other Gaseous Hydrocarbons; Liquefied, Natural Gas in Nigeria (FOB) - 2022

In 2022, the average export price for petroleum gases and other gaseous hydrocarbons; liquefied, natural gasses amounted to $5,017 per ton, picking up by 11% against the previous year. Over the period under review, the export price recorded strong growth. The most prominent rate of growth was recorded in 2018 an increase of 280% against the previous year. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Spain ($6,601 per ton), while the average price for exports to Malaysia ($289 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Pakistan (+39.1%), while the prices for the other major destinations experienced more modest paces of growth.

Exports of Petroleum Gases and Other Gaseous Hydrocarbons; Liquefied, Natural Gas in Nigeria

In 2022, the amount of petroleum gases and other gaseous hydrocarbons; liquefied, natural gasses exported from Nigeria soared to 1.3M tons, growing by 23% compared with 2021 figures. Over the period under review, total exports indicated a resilient expansion from 2019 to 2022: its volume increased at an average annual rate of +8.1% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -12.5% against 2020 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 44%. As a result, the exports reached the peak of 1.5M tons. From 2021 to 2022, the growth of the exports of failed to regain momentum.

In value terms, exports of petroleum gases and other gaseous hydrocarbons; liquefied, natural gasses surged to $6.8B in 2022. In general, total exports indicated a remarkable increase from 2019 to 2022: its value increased at an average annual rate of +10.7% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +72.2% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Top Export Markets for Petroleum Gases and Other Gaseous Hydrocarbons; Liquefied, Natural Gas from Nigeria in 2022:

1. Spain (287.6K tons)
2. Portugal (156.0K tons)
3. Kuwait (114.3K tons)
4. Japan (90.2K tons)
5. Jordan (74.1K tons)
6. India (71.6K tons)
7. South Korea (70.8K tons)
8. France (68.7K tons)
9. Malaysia (61.7K tons)
10. Turkey (55.4K tons)
11. China (41.3K tons)
12. Pakistan (39.2K tons)
13. Taiwan (Chinese) (33.5K tons)

Source: IndexBox Market Intelligence Platform