More oil companies are dumping Nigeria’s crude

The advent of electric cars, quest for renewable and cleaner energy sources are some factors affecting the sale of Nigeria's crude in the international oil market, says the Department of Petroleum Resources (DPR).

Director of the DPR, Mordecai Ladan , says Nigeria has lost its most valued crude oil buyers due to the “renewed dislike and global war” against fossil fuels.

Speaking at the 18th edition of the International HSE Biennial Conference on the Oil and Gas Industry in Nigeria , Ladan noted that the oil and gas industry was under threat with erstwhile gas customers are now competing with it.

“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.

The director 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.

“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,” Ladan disclosed on Monday, November 26, 2018.

Experts say the drop in crude oil sale would have negative effect on the nation's oil-dependent economy.