European countries and gas traders are reeling from the latest LNG supply shock – a force majeure from Nigeria LNG – that threatens nearly 4% of global supply and further squeezes the continent’s resources in absence of Russian pipeline gas. Nigeria LNG declared force majeure this week due to heavy flooding in that it said impacted virtually all of its gas suppliers. NLNG, with 22 million tonnes per year of capacity, said it is working to mitigate the impact, but flood waters are still rising. No date was given for when the facility will be back online. The outage comes just as Europe is working to stock up before winter, with LNG becoming a major alternative to Russian pipeline gas that fell significantly since Moscow’s invasion of Ukraine. Portugal, which last year got nearly half of its LNG from Nigeria, and oil major Shell, […]