Stories by Anayo Korie / Ag Energy Editor
NigerIa has been advised to be self sufficent in the production and consumption of Petroleum products as part of the measures to mitigate the shock arising from the sharp drop in oil prices .All blend of crude oil have slumped down from $100 to below $85 per barrel in the international market at the beginning of the fourth quarter of this year.
The President of National Asssociation of Petrloeum Explorationist (NAPE), Mrs Adedoja Ojelabi who gave the advise in Lagos over the weekend during the unveiling of 2014 NAPE conference and exhibition, said Nigeria is a consuming nation of all brands of imported fuel.
According to Adedoja, Nigeria as a matter of urgency should invest in the building of new refineries as one of the strategies to mitigate shock and to produce fuel that will meet national demand ,while export the surplus to international market. She noted that the initiative would enable the nation save the money used to import fuel and plough it back to develop other sectors of the economy.
She attributed the self sufficiency of United States in oil demand due to the discovery and the development of Shale gas, the low energy demand from China as some of the reasons responsible for drop in oil prices ,adding that oil prices have been stable for three years.
Speaking on the conference with the theme: “The Future of Hydrocarbon Exploration: Drilling Deeper ,Searching Wider’’ which will hold in Lagos from 9-13 November this year, she said that the conference and exhibition will deliberate on the ways to drive an executable gas flare-out agenda for Nigeria’s oil and gas as well as examine the effectiveness in the exercise of polices to drive growth in the oil and gas industry so as to come out with blueprint for the overall development of the oil and gas sector.
President-Elect of the group, Mr Chiwendu Edoziem who also spoke at the event said that NAPE 2014 conference and exhibition will witness management training and presentation .According to him, some of the important dignitaries who spoke at the forum include; Aliko Dangote, President and CEO, Dangote Group; Mr Tony Elumelu, Chairman, Heirs Holdings; Dr Olayiwola Fatona, Managing Director, Niger Delta Petroleum Resoures Limited; Director of Department of Petroleum Resources, Dr David Ige; Group Executive Director, NNPC, .Engr Kunle Allen; Managing Director, Gas Aggregation Company Nigeria Limited etc.
the NNPC,NAPIMS,NCDMB, Nigeria Ports Authority NPA, and others who worked to make the project a reality.
The Chairman of LADOL, Chief Oladipo Jadasimi in his speech, said his company has faith in the development of Nigeria economy. He commended President Goodluck Jonathan for the passage of Nigerina Content Act that empowers Nigerians to invest in the development of the oil and gas sector .While noting that the project is a milestone in Nigeria local content drive, the Managing Director of Nigeria Export Processing Zone, Mr Gbenga Kuye in his contributions, described the facility as a good synergy for a local company to partner with a foreign company for the overall development of Nigerian economy .
He commended the Management of LADOL for keying into the Federal Government’s agenda for the transformation. He further explained that the facility has been chosen to serve as industrialization hub for the development of Nigeria economy. “This joint venture enterprise has one chief executive officer in the person of Mr. C.W. Kim,” he said.
Source : Independent