Nigeria Has Lost Its Most Valued Oil Buyers – DPR

Nigeria’s Department of Petroleum Resources (DPR) has revealed that there may be a bleak future ahead for Nigeria’s oil and gas industry as the world is shifting more attention to renewable energy amidst a renewed fight against fossil fuel usage in developed countries, Herald reports.

The DPR said on Monday that Nigeria has lost its most valued crude oil buyers, as many of the oil producer’s former customers have now turned to competitors in the energy market.

According to the Director of the DPR, Mr. Mordecai Ladan, the oil and gas industry has come under threat from what he described as the renewed dislike and global war against fossil fuels and the quest for renewable and cleaner energy.

He made this known while speaking at the 18th edition of the International HSE Biennial Conference on the Oil and Gas Industry in Nigeria;

“Over the years, the threat against fossil fuels had always been on paper, but today, it is more real than ever, based on some clear evidence I like to draw our attention to,” he said.

The DPR boss said further that three among the biggest technology companies, including Google and Apple, had made attempts at producing electric cars to replace petrol and diesel engines, with that of Tesla taking the world by surprise.

“Not only did the first two releases of Tesla outsell sales forecasts, they were actually oversubscribed, and the demand keeps rising while new models are being added. As we speak, some of the big international oil companies here seated are funding gigantic researches into alternative fuels, which include the use of cheap, common algae.”

Global warming and other effects of fossil fuels on the natural environment are forcing many countries to seek alternative sources of energy in order to preserve the environment.

The urgency has been stepped up in the face of increasing natural disasters becoming eerily unnatural as scientist warn of more disasters to come as a result of global warming effects.

About Falade Benjamine 2649 Articles
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