Nigeria’s Department of Petroleum Resources (DPR) says there may be a bleak future ahead for Nigeria’s oil and gas industry as the world is shifting more attention to renewable energy sources.
The Director of the DPR, Mr. Mordecai Ladan made the claim on Monday while speaking at the 18th edition of the International HSE Biennial Conference on the Oil and Gas Industry in Nigeria. He added that the country has continued to lose her most valued crude oil buyers as many of them have now turned to competitors in the energy market
Ladan said the oil and gas industry has come under threat from what he described as the renewed dislike for and global war against fossil fuels and the quest for renewable and cleaner energy.
“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,” Ladan said.
The DPR boss said further that three among the biggest technology companies, including Google and Apple have made attempts at producing electric cars to replace petrol and diesel engines, with 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,” he added.
Global warming and other effects of fossil fuels on the natural environment are forcing many countries to seek alternative sources of energy in order to preserve the environment.