Nestoil Calls for Change in Energy Focus from Oil to Gas

Posted On July 10th, 2019 - 3:58 pm | by Oil and gas press

Group Managing Director of Nestoil Group Dr Ernest Azudialu-Obiejesi has called on the Federal Government to invest more in gas infrastructure rather than crude oil, which according to him will continue to decline in long term economic value as the world continues to embrace cleaner forms of energy.


Dr Azudialu who was speaking at the Nigeria Oil and Gas summit in Abuja said ’many countries in Europe are at the forefront of this energy revolution, and with time, African countries, including Nigeria will be dragged along. It is time now to embrace a paradigm shift, and change Nigeria’s energy focus squarely from crude oil to gas’.

He also called on the Federal Government to allow market forces determine the cost of gas in order for the Nigerian economy to benefit from Nigeria’s gas prowess.

The Nestoil Group Managing Director said it was rather sad to note that a country like South Africa without Nigeria’s natural gas reserves produces over 40,000 megawatts of electricity for a population of only 57 million people while Nigeria could only manage about 4,000 megawatts of power despite having the 9th largest gas deposits in the world.

The Nestoil Group Managing Director said the Nigerian power deficit will not improve if the Federal Government does not take the drastic step of completely allowing market forces to determine costs.

He said a willing-buyer-willing-seller scenario that allows gas producers to sell to off takers at commercially viable rates is what will encourage investments in the gas sector. He said the successful deregulation of the Telecommunications sector in Nigeria was a good case study that the Oil and Gas industry should emulate in order to stimulate exponential growth in that sector. According to Dr Azudialu, the Telecoms sector is growing in Nigeria because Government regulations are relaxed enough to allow competition to drive pricing and product offerings.

Source / More : Nestoil

oilandgas

Oil and Gas News Undiluted !!! “Oil is well”

Please email us your industry related news for publication info@OilAndGasPress.com
Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook

Tags: , , News analysis

Leave a Reply

Be the First to Comment!

Notify of
avatar

wpDiscuz

SUBSCRIBE NOW

Become a Oil & Gas Press subscriber

Oil and Gas Company News and Analysis Daily



ENERGY PRICES

TWITTER FEEDS

Oil and Gas Jobs

Commodity Prices

Images

LIKE US ON FACEBOOK

  • Stocks and Shares
  • Algeria
  • Ministère de l'Energie et des Mines
  • www.mem-algeria.org
  • National Oil Company: SONATRACH
  • www.sonatrach-dz.com
  • Oil and Gas Press
  • Angola
  • Ministry of Petroleum
  • www.minpet.gov.ao
  • National Oil Company: SONANGOL
  • www.sonangol.co.ao
  • Oil and Gas Press Benin Republic
  • Benin
  • Ministère de l'Energie, des Recherches Pétrolières et Minières, de l'Eau et du
  • National Oil Company: OBH (Office Béninois des Hydrocarbures)
  • Oil and Gas Press
  • Cameroon
  • National Oil Company: SNH (Société Nationale des Hydrocarbures )
  • www.snh.cm
  • Oil and Gas Press
  • Chad
  • Ministère du Pétrole et de l'Energie
  • www.ministere-petrole.td
  • National Oil Company: SHT (Société des Hydrocarbures du Tchad)
  • >Oil and Gas Press
  • Congo (Republic of)
  • Ministère des Hydrocarbures
  • www.ministere-hydrocarbures.cg
  • National Oil Company: SNPC (Société Nationale des Pétroles du Congo )
  • www.snpc-group.com
  • Oil and Gas Press
  • D.R Congo
  • Ministère des Hydrocarbures
  • National Oil Company: COHYDRO (Congolaise des Hydrocarbures)
  • Oil and Gas Press
  • Côte d'Ivoire
  • Ministère des Mines, du Pétrole et de l'Energie
  • National Oil Company: PETROCI
  • (Société Nationale d'Opérations Pétrolières de la Côte d'Ivoire)
  • www.petroci.ci
  • Oil and Gas Press
  • Egypt
  • Ministry of Petroleum and Mineral resources
  • www.petroleum.gov.eg
  • National Oil Company: Egyptian General Petroleum Corporation
  • www.egpc.com.eg
  • Oil and Gas Press
  • Gabon
  • Ministère du Pétrole, de l'Energie et des Ressources Hydrauliques
  • http://www.energie.gouv.ga
  • Oil and Gas Press
  • Ghana
  • Ministry of Energy
  • www.energymin.gov.gh
  • National Oil Company: Ghana National Petroleum Corporation
  • www.gnpcghana.com
  • Oil and Gas Press
  • Equatorial Guinea
  • Ministère des Mines, de l'Industrie et de L'energie
  • www.equatorialoil.com
  • National Oil Company:GEPetrol
  • www.guineaecuatorialpetrol.com
  • >Oil and Gas Press
  • Libya
  • National Oil Company: NOC
  • (National Oil Corporation)
  • www.noc.ly
  • Oil and Gas Press
  • Mauritania
  • Ministère du Pétrole, de l'Energie & des Mines
  • www.petrole.gov.mr
  • National Oil Company: SMH
  • (Société Mauritanienne des Hydrocarbures ) Oil and Gas Press
  • Namibia
  • National Oil Company: NAMCOR
  • (National Petroleum Corporation of Namibia)
  • www.namcor.com.na/
  • Oil and Gas Press
  • Niger
  • Ministère de l'Energie et du Pétrole
  • National Oil Company:SONIDEP
  • (Société Nigerienne des Produits Pétroliers)
  • www.sonidep.net
  • Oil and Gas Press
  • Nigeria
  • Ministry of Petroleum Resources
  • www.nigeria.gov.ng
  • National Oil Company: NNPC
  • (Nigerian National Petroleum Corporation)
  • www.nnpcgroup.com
  • Oil and Gas Press Sao Tome
  • Empresa Nacional De Combustiveis e Oleos
  • Island Oil Exploration
  • >Oil and Gas Press
  • South Africa
  • Department of Energy
  • www.energy.gov.za
  • National Oil Company: PetroSA
  • (Petroleum, Oil and Gas Corporation of South Africa)
  • www.petrosa.co.za
  • >Oil and Gas Press
  • Sudan
  • Ministry of Petroleum
  • National Oil Company: SUDAPET
  • (Sudan Petroleum Company)
  • www.sudapet.sd
  • >Oil and Gas Press Togo
  • BUREAU VERITAS TOGO
  • COTECNA INSPECTION S.A.
  • TOTAL TOGO S.A.(DISTRIBUTION)