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Golden days of crude oil over, NAPE warns Nigeria

The Nigerian Association of Petroleum Explorationists, NAPE, has issued a warning to Nigeria, to invest in alternative sources of energy, adding that the “golden days of crude oil is over”.

The warning was issued at a one-day workshop for oil and gas media professionals organized by the association in Lagos on Thursday.

While delivering a lecture on the E&P Value Chain, exploration and production professional, Mr. Oluseye Olurotimi Fadahunsi said high technologies are beginning to converge and are taking over to prepare the ground for renewable energy.

According to him, although Nigeria is not moving at the same pace as other developed countries of the world, by 2030, demand for fossil fuels will fall dramatically.

” Technologies are currently being deployed in production of renewable energies and if Nigeria is not careful, we will be left behind”, he said.

“Look around us, counties ate now investing in renewables and if Nigeria does not move with time, if oil price drops to $20 per barrel again then, our suites won’t be as nice as this anymore. Nigeria won’t survive another oil price crash,” he said.

The outgoing president, NAPE, Mr. Ajibola Oyebanji advised the country to look into exploration of gas.
“Gas is a good replacement for oil. From gas, Nigeria can make enough money, and there are already local market for it.”

According to him, without exportation, the local market alone is able to consume every gas produced.

“We need gas for local manufacturing, electricity and all manner of production”, adding that the country should channel its resources into exploration of the product.