Nigeria has lost its most valued crude oil buyers, even as its erstwhile gas customers are now competing with it, the Department of Petroleum Resources, DPR, said on Monday.

The Director, DPR, Mr Mordecai Ladan, said the oil and gas industry seemed to be under a new threat, which he described as the renewed dislike and 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. – Punch

– Nov. 27, 2018 @ 12:07 GMT |