Crude-oil-barrelsThe Federal Government has been advised to look for buyers for its crude, following the discovery of Shale Gas in the United States.

The President, Divcon Engineering Group, Andy Ikekhide spoke during the company’s Annual General Meeting (AGM) in Lagos.

He said Shale Gas was a game changer that would result in prosperity for some nations and adversity for others, adding that Nigeria should look inwards and make the best of opportunities in the global market.

“As a player in the Nigerian oil and gas industry, I make bold to say that the discovery of shale gas in the US, China and other countries, is a game changer that can have a mixed fortune for countries across the world,” he said.

Ikekhide said the production of thev gas in commercial quantity in the US would lead to a drop in the prices of gas from Nigeria and other producers.

With the gas reserves in the United Kingdom put at 266 trillion cubic feet, France: 137 trillion cubic feet, Poland: 148 trillion, Ikekhide said Nigeria could turn the impending adversity to prosperity through timely diversification to exploration and exploitation of non-oil natural endowments. He added that available natural resources are in huge quantities in various zones of the country.

He said the country could also add value to its crude oil production by building more refineries, creating employment and exporting white products to earn foreign exchange.

On the Petroleum Industry Bill (PIB), Ikekhide appealed to the National Assembly to put the country above personal interests, and defend their mandates by the speedy passage of the bill, adding that many investors were sitting on the fence while the scramble for investable petro-dollar was becoming highly competitive by the day.

” I, therefore, urge our friends in the National assembly to put economic benefits to the nation ahead of selfish, sectional, and political consideration and give urgent attention to the passage of the PIB), “ he said, adding that every opportunity will be explored by the law makers to write their names in gold by resisting external and ethnic pressures from the enemies of Nigeria and pass the PIB for the good of the nation.”


Information from The Nation was used in this report.