Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Opportunities in oil sector’ll be over soon — Osinbajo

    Opportunities in oil sector’ll be over soon — Osinbajo

    November 15, 2016
    Share
    Facebook Twitter LinkedIn WhatsApp
    A section of the BP Eastern Trough Area Project (ETAP) oil platform is seen in the North Sea, around 100 miles east of Aberdeen in Scotland February 24, 2014.  REUTERS/Andy Buchanan/pool
    An oil platform 

    15 November 2015, Abuja – Vice President Yemi Osinbajo on Monday stated that opportunities in the petroleum industry were narrowing and might be over sooner than expected as a result of the increasing breakthroughs in renewable energy use as well as the expansion in the patronage of electric vehicles globally.

    According to him, although Nigeria needs oil as it works towards diversifying its economy, the party may soon be over in the petroleum industry.

    Speaking as a special guest at the presentation of three books written by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, in Abuja, the vice president explained that it was becoming increasingly important for the country to diversify its economy.

    Osinbajo said, “As we move to diversify our economy, we are particularly aware that we need oil to get out of oil, yet our window of opportunity to benefit maximally from the petroleum industry is narrowing.

    “The development of shale oil, which the author spent considerable time on, the increasing breakthroughs in renewable energy use, the speed of expansion in the use of electric vehicles –Japan now has more electric charging stations than gas stations – all point to the fact that the party may be over sooner than we expected.”

    He stated that the minister had delivered what could be described as probably the most significant contributions to help understand the country’s petroleum sector.

    Osinbajo said, “You will not find the insights that Kachikwu offers in the chapters on marketing and transportation of petroleum products, divestment, negative trend in the Nigerian petroleum industry and ministerial discretion in any textbook or policy manual on the subject.

    “Kachikwu clearly took full advantage of the mere convergence of scholarship, contemporary experience and policy wisdom to deliver what are probably today the most significant contributions to our understanding of the major issues of the Nigerian petroleum industry.”

    The three books unveiled at the event were ‘Compendium of Oil and Gas Cases in Nigeria’, ‘Legal Issues in the Nigerian Petroleum Industry’, and ‘The Petroleum Industry Bill: Getting to the Yes’.

    Kachikwu told journalists that although the contents of the books were his professional and privileged thoughts, it would be helpful if the federal and state governments, the National Assembly and stakeholders in the industry took the issues raised into consideration.

    He said, “Obviously, we looked at the historical issues of the PIB as well as the current ones. A lot of what have been done were captured, and also a lot of those things that they’ve not done in the fiscal areas were captured too, because the fiscal area is key. But there is a lot of room for thoughts and the objective of getting to yes with the PIB is to get to yes.

    “The book on the PIB looked at what are the challenging issues that have stopped the bill from being passed, what is the politics in it, and also stepping away from the politics, it looked at the core critical areas that are essential if we want to succeed in it. So, there’s going to be a lot of room for dialogue with the National Assembly.

    “What I’ve provided are my thoughts and are guiding thoughts, which I think can help in moving the industry forward. I wrote as a Nigerian privileged to have some of the information and access to data that I have and I think that a lot of the things I say, if taken into consideration by the government, will help solve a lot of problems.”

    • Punch

    Related News

    OPEC says world economy may do better in second half of year

    Oil eases as Trump’s 50-day deadline for Russia reduces supply fears

    Seplat Energy highlights the increasing role of indigenous companies

    E-book
    Resilience Exhibition

    Latest News

    OPEC says world economy may do better in second half of year

    July 15, 2025

    Oil eases as Trump’s 50-day deadline for Russia reduces supply fears

    July 15, 2025

    Seplat Energy highlights the increasing role of indigenous companies

    July 15, 2025

    NCDMB unveils Nigerian Content Fund Certificate, empowers 130 firms with $400m NCI Fund

    July 15, 2025

    NIMASA docks Deep Blue Vessel at Nigerdock for repairs

    July 15, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.