Against the backdrop of the changing dynamics in the global oil and gas industry, which has seen a surge of new discoveries in many parts of the world, the Society of Petroleum Engineers (SPE) Nigeria has highlighted the imperative for the country to focus on better utilisation of its vast natural resources within the country.
“Where we export our crude oil to is changing. The United States (US) does not import from Nigeria as it used to in the past. So we are now looking for new markets. Also, there are new oil and gas discoveries in other African countries and it means that we cannot continue to do business as usual. Things have got to change,” Bernard Oboarekpe, chairman, SPE Nigeria Council, said at a briefing ahead of the 2014 Nigeria Annual International Conference and Exhibition (NAICE) slated for July 31 to August 7 in Lagos.
If we grow our oil production only to export almost everything, then we cannot produce much value to the country, he said. “And of course, the export market is being challenged and so we have to look for other ways to create value.”
Noting that the US is almost sufficient in oil and gas resources as well as large outputs from Russia and Saudi Arabia, he said, “If the export market for crude oil were to dry up, what are we going to do? This is the time for us to think about how to convert the natural resources in the country into useful products. With the population we have and a growing economy, we can create more wealth within the country.”
I think the government is taking quite some steps to make things happen and also some private investors are doing something, Oboarekpe said.
Femi Asu
