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We’ve Lost Our Most-valued Crude Oil Customers – FG - Politics - Nairaland

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We’ve Lost Our Most-valued Crude Oil Customers – FG by dre11(m): 7:48am On Oct 21, 2022
Nigeria has lost its most valued crude oil customers, while some of its gas buyers now compete with the country in the same market, the Federal Government declared on Thursday.

It also stated that international oil companies were massively shifting focus to alternative fuels, as the threat posed by the push for renewables was seriously gaining momentum.

The government disclosed this through its Nigerian Midstream and Downstream Petroleum Regulatory Authority at the opening ceremony of the Midstream and Downstream Petroleum Industry HSE Managers’ Forum in Abuja.

The Chief Executive, NMDPRA, Farouk Ahmed, who was represented by the agency’s Executive Director, Hydrocarbon Processing Plants, Installations and Transportation Infrastructure, Francis Ogaree, urged operators in the oil sector to try and move along with the changes in industry globally.

He said the number of crude oil buyers from Nigeria had been decreasing, stressing that Nigeria must build its oil and gas sector collectively for it to survive the changes in the space.

Ahmed said, “As we speak, some of the big IOCs are funding gigantic research in alternative fuels.

As sweet as Nigeria’s crude is renowned to be globally, we have recently lost our most valued customers and our gas buyers are themselves now competing with us in the same market place as suppliers.

“All of these point to one fact; if Nigeria is to continue to benefit from its vast petroleum resources, now more than ever is the time to build sustainably into our oil and gas value chain, as well as management of its waste. And this rests on the shoulders of not only the regulators, but on all stakeholders.”

He noted that the oil and gas industry had for several decades maintained a pride of place at the top of the global energy mix despite the threat posed by renewables and cleaner energy sources.

“However, recent concerns about global warming, exponential improvement in the efficiency of renewable energy alternatives and the policies of oil pricing, have combined to pose almost an existential threat to the global petroleum industry,” he stated.

The NMDPRA boss added, “The threats of renewable energy sources, which in the past were almost dismissed by energy industry experts, have today become more real than ever.

“And I will like to draw your attention to a few of the more recent trends. Three among the biggest technology companies have made attempts at electric cars to replace gasoline and diesel engines.

“While the attempt of Apple may not have made it to production yet, and that of Google was suspended after clearly successful street trials, that of Tesla took the world by surprise.”

Ahmed noted that not only did the first two releases of Tesla out-performed sales forecast, they were also oversubscribed and the demand kept rising, while new models were being added.

https://punchng.com/weve-lost-our-most-valued-crude-oil-customers-fg/?amp

5 Likes 2 Shares

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by Usong(m): 7:50am On Oct 21, 2022
We need to stop depending on only oil

49 Likes 3 Shares

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by chukwuwendu: 7:56am On Oct 21, 2022
Usong:
We need to stop depending on only oil

If Nigeria do what you ask......how will the north feed?
State who mjorly depends on Federal Allocation with their little IGR.

113 Likes

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by dawnomike(m): 7:56am On Oct 21, 2022
The earlier we shift to more of agroexport, the better for the country.

57 Likes 4 Shares

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by BATified2023: 7:57am On Oct 21, 2022
chukwuwendu:


If Nigeria do what you ask......how will the north feed?
State who mjorly depends on Federal Allocation with their little IGR.
the last time I checked north is the largest producer of agricultural products ranging from livestocks to day by day foods


Bro tell us what the south east produce that benefits d whole Nigeria?

92 Likes 10 Shares

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by BATified2023: 7:57am On Oct 21, 2022
Usong:
We need to stop depending on only oil
was that not the same agricultural diversification tinubu was talking about that ignorant folks are mocking him with?

It’s obvious we are heading for doom with our over dependence on oil but someone is telling us how we can make headway from agriculture but some people who have been programmed to wail even if it will help them start mocking tinubu


This is what reasonable people also feel about it

54 Likes 5 Shares

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by kingphilip(m): 7:59am On Oct 21, 2022
Usong:
We need to stop depending on only oil
You've said it all.

If we had used the huge money we made in crude oil to develop other aspects like technology, we would have atleast had a viable alternative that would have come in handy when the dependence of oil in the world market have reduced just like we are having now.

But we have been blessed with shortsighted leaders who only sees and thinks about their pockets and that of their generation.

24 Likes 2 Shares

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by BATified2023: 8:11am On Oct 21, 2022
kingphilip:

You've said it all.

If we had used the huge money we made in crude oil to develop other aspects like technology, we would have atleast had a viable alternative that would have come in handy when the dependence of oil in the world market have reduced just like we are having now.

But we have been blessed with shortsighted leaders who only sees and thinks about their pockets and that of their generation.
the one that is talking about agricultural diversification is been mocked whereas before oil agriculture made us a fortune,look at cocoa house in Ibadan n many others things done in south west before d discovery of oil then u will realize the ignorance of those criticizing tinubu

50 Likes 1 Share

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by Antyislam: 8:13am On Oct 21, 2022
Tinubu is the biggest thief in the history of Nigeria

39 Likes 3 Shares

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by Macphenson: 8:38am On Oct 21, 2022
okooo
Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by Honjoshy4u: 8:47am On Oct 21, 2022
Tinubu,APC and Buhari has failed the good people of Nigeria.

32 Likes 2 Shares

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by Slynation(m): 9:13am On Oct 21, 2022
BATified2023:
the last time I checked north is the largest producer of agricultural products ranging from livestocks to day by day foods


Bro tell us what the south east produce that benefits d whole Nigeria?
Palm Oil and cassava said I should greet you...

38 Likes 5 Shares

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by Racoon(m): 9:15am On Oct 21, 2022
And the economic woes of this beleaguered Nigerian nation continues. Diversify to non-oil economy from the outset, they said no.

They started wasting lean revenues on futile oil exploration in some states up north. Now, oil is useless even with the dwindling prices in the global market.

87 Likes 3 Shares

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by Klington: 9:18am On Oct 21, 2022


When we've clueless and ignorant !d!ots driving the economy to the rock.

APC is a curse.

5 Likes

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by Shadysen: 9:19am On Oct 21, 2022
good news
Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by Obakoolex(m): 9:19am On Oct 21, 2022
grin so we have lost our customer dada.
That's inevitable when you focused only on one stream of income even in business

1 Like

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by akanbiaa(m): 9:19am On Oct 21, 2022
Okay
Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by WibusJaga: 9:19am On Oct 21, 2022
.

Make the oil just finish sef; who knows, we may be far better-off without it. cool

7 Likes

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by yomalex(m): 9:19am On Oct 21, 2022
Hmm okay o
Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by saintruky(m): 9:20am On Oct 21, 2022
Eiya.... Wetin kill d customer na... Na wa ooo

1 Like

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by Nobody: 9:20am On Oct 21, 2022
Incompetent APC

2 Likes

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by Amb1045(m): 9:20am On Oct 21, 2022
APC and PDP parties of calamity. Complain full their mouth

1 Like

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by SenatePresdo(m): 9:20am On Oct 21, 2022
Mtcheeeeew
Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by faithfull18(f): 9:20am On Oct 21, 2022
.
Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by emmanuelbrown26: 9:20am On Oct 21, 2022
When baba Tinubu told u guys that he wants to continue from where Buhari stopped. Una think say en dey joke. Dis is what he meant
Abeg buy pampers for baba today ohhhh

76 Likes

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by Igba123: 9:20am On Oct 21, 2022
God is good.
Account for the ones sold.

2 Likes

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by inoki247: 9:21am On Oct 21, 2022
sell am for the citizens at cheap price...


Na customer u lose no be citizens...

2 Likes

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by inforesource: 9:21am On Oct 21, 2022
How is this one news. Lazy leaders who can't make use of their brains.

6 Likes 1 Share

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by gbaskiboy: 9:21am On Oct 21, 2022
Cry me a river, make the oil finish self make we know wetin dey sup

3 Likes

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by zumbigbo(m): 9:21am On Oct 21, 2022
Mallams go cry a river. Now they will not be able to send their sons to the US to hire plane to take a girl on a date.

16 Likes

Re: We’ve Lost Our Most-valued Crude Oil Customers – FG by emmanuelbrown26: 9:21am On Oct 21, 2022
BATified2023:
the last time I checked north is the largest producer of agricultural products ranging from livestocks to day by day foods


Bro tell us what the south east produce that benefits d whole Nigeria?
PAMPERS AND SLEEPING PILLS SIR
If not d production of pampers and sleeping pills from South East, waiting for happen baba urinating machine?

78 Likes 1 Share

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