Nigeria Liquefied Natural Gas, (NLNG) operator of the giant Bonny export plant has posted a 36.6% drop in its revenue in 2015.
According to its annual report, this is because of a decline in oil and gas prices.
Low crude prices, that fell more than 70% from 2014, hit NLNG’s revenue as most of the company’s contracts are indexed to oil.
Looking at the report released this week, low crude prices, that fell more than 70% from 2014, hit NLNG’s revenue as most of the company’s contracts are indexed to oil.
NLNG earned US$6.84 billion in 2015, as compared to $10.8 billion in the year before.
NLNG currently has 16 long term LNG sale and purchase agreements (SPAs) executed with 11 buyers on a DES basis.
These buyers include Enel, Gas Natural, Botas, Engie, GALP Gas Natural, BG LNG (now part of Shell), Endesa, ENI, Iberdrola, Shell International Trading Middle East Ltd and Total Gas and Power Ltd.
