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In September 2021, gas prices in Europe reached all-time highs, following a collapse of wind-based power generation on account of low winds. [31] [32] In December 2021, they reached $2000 for 1000 m3 for the first time, corresponding to €172.52/MWh (€50.56/MMBtu) on the TTF hub in the Netherlands according to the London ICE. [33] [34]
The heating value depends on the source of gas that is used and the process that is used to liquefy the gas. The range of heating value can span ±10 to 15 percent. A typical value of the higher heating value of LNG is approximately 50 MJ/kg or 21,500 BTU/lb. [2] A typical value of the lower heating value of LNG is 45 MJ/kg or 19,350 BTU/lb.
Under the increasing-block tariff, the tariff per cubic meter increases stepwise with consumption beginning at a consumption of 30m3 per month with a total of 3 to 6 blocks. The residential tariff for the first block of consumption is US$0.19 per m3 in Kaduna and US$0.44 per m3 in Katsina. Tariffs for commercial and industrial users are higher. [2]
In 2015, NLNG reported a 36.6% drop in its revenue due to declining oil and gas prices (US$6.84 billion in 2015, US$10.8 billion in 2014). [9] 2015 was the year that NLNG reached the threshold of US$85 billion of LNG exports in 15 years of business. [10] In July 2016, Tony Attah was named managing director and CEO of Nigeria LNG.
As of 2021, Angola and Nigeria were the largest oil producers in Africa. [24] In Nigeria, the deepwater sector still has a large avenue to expand and develop. The Agbami oilfields hit full production in 2005, at 250,000 barrels (40,000 m 3) a day. Operated by Chevron's Star Deep and a company called Famfa, Agbami is only one offshore concession ...
Quantities of natural gas are measured in standard cubic meters (cubic meter of gas at temperature 15 °C (59 °F) and pressure 101.325 kPa (14.6959 psi)) or standard cubic feet (cubic foot of gas at temperature 60.0 °F and pressure 14.73 psi (101.6 kPa)), 1 standard cubic meter = 35.301 standard cubic feet.
There is some disagreement on which country has the largest proven gas reserves. Sources that consider Russia in possession of the world's largest proven reserves include the US CIA (47,600 cubic kilometers), [2] the US Energy Information Administration (EIA) (49,000 km 3), [3] and OPEC (48,810 km 3). [4]
This regulation defines a standard cubic foot, for compressed or liquefied gases in refillable cylinders other than LPG by, "A standard cubic foot of gas is defined as a cubic foot at a temperature of 21 °C (70 °F) and a pressure of 101.325 kilopascals [kPa] (14.696 psia)".