Nigeria loses its most valued oil buyers – Department Of Petroleum Resources

Nigeria has lost its most valuable crude oil buyers, even though its former gas customers are now competing with it, the Department Of Petroleum Resources said on Monday.

DPR Director Mordecai Ladan said the oil and gas sector appeared to be facing a new threat, which he described as the global war against fossil fuels and the quest for renewable and cleaner energy.

“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 at the 18th edition of the International HSE Biennial Conference on the Oil and Gas Industry in Nigeria.

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

Ladan said, “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.