We have lost our most valuable crude oil customers – FG
Nigeria has lost its most valuable crude oil customers, while some of its gas buyers now compete with the country in the same market, the federal government said on Thursday.
He also said that international oil companies were focusing heavily on alternative fuels as the threat posed by the push for renewables grew in earnest.
The Government revealed this through its Nigerian Midstream and Downstream Petroleum Regulatory Authority at the opening ceremony of the Midstream Petroleum Industry HSE Managers Forum and in downstream in Abuja.
NMDPRA Director General Farouk Ahmed, who was represented by the agency's Executive Director, Hydrocarbon Processing Plants, Facilities and Transport Infrastructure, Francis Ogaree, urged operators of the petroleum sector trying to keep up with changes in the industry globally.
He said the number of buyers of crude oil from Nigeria had declined, emphasizing that Nigeria must collectively build its oil and gas sector to survive the changes in space.
Ahmed said, "As we speak, some of the big IOCs are funding massive research into alternative fuels.
"As sweet as Nigerian crude oil is world renowned, we have recently lost our most valuable customers and our gas buyers themselves are now competing with us on the same market than suppliers.
“All of these points to one fact; If Nigeria is to continue to benefit from its vast oil resources, now is more than ever the time to sustainably build our oil and gas value chain, as well as the management of its waste. And that rests on the shoulders not just of regulators, but of all stakeholders. »
He noted that the oil and gas industry had for several decades maintained a prominent place at the top of the global energy mix despite the threat posed by renewable energy and cleaner energy sources.
"However, recent concerns about global warming, exponentially improving the efficiency of renewable energy alternatives, and oil pricing policies have combined to pose a near-existential threat to the global oil industry," he said. .
The NMDPRA boss added: "Threats from renewable energy sources, which in the past were all but dismissed by energy industry experts, have now become more real than ever.
"And I'd like to draw your attention to a few of the latest trends. Three of the biggest tech companies have attempted to replace gasoline and diesel engines with electric cars.
"While Apple's attempt may not have made it to production yet, and Google's was shelved after clearly successful street trials, Tesla's took the world by surprise."
Ahmed noted that Tesla's first two versions not only exceeded sales forecasts, they were also oversubscribed and demand continued to rise, while new models were added.
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Nigeria has lost its most valuable crude oil customers, while some of its gas buyers now compete with the country in the same market, the federal government said on Thursday.
He also said that international oil companies were focusing heavily on alternative fuels as the threat posed by the push for renewables grew in earnest.
The Government revealed this through its Nigerian Midstream and Downstream Petroleum Regulatory Authority at the opening ceremony of the Midstream Petroleum Industry HSE Managers Forum and in downstream in Abuja.
NMDPRA Director General Farouk Ahmed, who was represented by the agency's Executive Director, Hydrocarbon Processing Plants, Facilities and Transport Infrastructure, Francis Ogaree, urged operators of the petroleum sector trying to keep up with changes in the industry globally.
He said the number of buyers of crude oil from Nigeria had declined, emphasizing that Nigeria must collectively build its oil and gas sector to survive the changes in space.
Ahmed said, "As we speak, some of the big IOCs are funding massive research into alternative fuels.
"As sweet as Nigerian crude oil is world renowned, we have recently lost our most valuable customers and our gas buyers themselves are now competing with us on the same market than suppliers.
“All of these points to one fact; If Nigeria is to continue to benefit from its vast oil resources, now is more than ever the time to sustainably build our oil and gas value chain, as well as the management of its waste. And that rests on the shoulders not just of regulators, but of all stakeholders. »
He noted that the oil and gas industry had for several decades maintained a prominent place at the top of the global energy mix despite the threat posed by renewable energy and cleaner energy sources.
"However, recent concerns about global warming, exponentially improving the efficiency of renewable energy alternatives, and oil pricing policies have combined to pose a near-existential threat to the global oil industry," he said. .
The NMDPRA boss added: "Threats from renewable energy sources, which in the past were all but dismissed by energy industry experts, have now become more real than ever.
"And I'd like to draw your attention to a few of the latest trends. Three of the biggest tech companies have attempted to replace gasoline and diesel engines with electric cars.
"While Apple's attempt may not have made it to production yet, and Google's was shelved after clearly successful street trials, Tesla's took the world by surprise."
Ahmed noted that Tesla's first two versions not only exceeded sales forecasts, they were also oversubscribed and demand continued to rise, while new models were added.
Please share this story:
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