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‘Nigeria’s crude oil will remain relevant almost forever’ - DAILY TRUST

MAY 21, 2019

By Zakariyya Adaramola

Contrary to a widely held view that the manufacturing of electrical cars will shrink the crude oil market, Nigeria’s black gold will remain relevant and profitable almost forever, a Professor of Petroleum Engineering has said. Prof Babs Oyeneyin who gave a lecture entitled, “ Beyond Petroleum Wither Nigeria’’ at the Nigerian Academy of Science (NAS’) Induction of Fellows Ceremony in Abuja said the future was still bright for petroleum and Nigeria would continue to reap big from it with right technology and good management. 

‘’Distinguished scientists, let me inform you all that petroleum will remain relevant for a long time, for more than 2000 years to come.  We have not got a replacement for petroleum and there will not be one in the near future’’, Prof Oyeneyin who Babs Oyeneyin has over 40 years of oil industry professional experience spanning industry and academia said The Professor of Petroleum Engineering at Robert Gordon University Aberdeen United Kingdom and the Managing Director of I-FLOW  Energy Ltd also said the demand for petroleum would continue to outstrip supply because population of the world is increasing and more people are buying cars. 

‘’There is still a lot of opportunities for Nigeria in terms of crude oil export. But the only thing is for us to improve on its operations: We should use game changing technologies’’, he said. He said the country should focus more on deep-water exploration and go beyond 5000 feet deep. He urged the Federal Government to increase spending on oil exploration to give the country a sustainable future, via crude oil. ‘’ Future of Oil & Gas in Nigeria/Africa and globally is bright and the offshore assets will form the cornerstone of future supplies for Nigeria and Africa’’, he said. Earlier in his welcome address, the President of NAS, Prof Mosto Onuoha said the Academy came up with the lecture to contribute its quota in making Nigeria stable economically. 10 new scientists from across the country were inducted into NAS Fellow at the occasion.

Read more: https://www.dailytrust.com.ng/nigerias-crude-oil-will-remain-relevant-almost-forever.html

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