Two crude oil threats capable of frustrating 2019 national budget identified
Energy experts have identified two disturbing threats that may make or mar Nigeria’s 2019 budget implementation as far as earning money from oil sales is concerned.
Whereas the first is observed steady drop in oil prices, the next and more dangerous remains loss of most valued crude oil buyers.
Giving the analogy at the just concluded 18th edition of the International HSE Biennial Conference on the Oil and Gas Industry in Nigeria, the Director, Department of Petroleum Resources (DPR), Mr Mordecai Ladan said the Nigerian oil and gas industry seemed to be under a new threat of renewed dislike and global war against fossil fuels and the quest for renewable and cleaner energy.
According to him, “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.”
“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.
Continuing, he averred that “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.
Recent statistics show that many developed parts of the world are reengineering their lifestyles to conform to renewable energy which will in future knocks out demand for crude oil.