Dr Ibe Kachikwu has said the world is shifting away from oil, hence, it will no longer be an income resource in 10 years’ time.
According to him, 2018 looks like a greater year for crude in terms of pricing but countries are focusing on substitute energy.
“Everything all added up together is showing us that towards the last quarter of 2018 we expect a better market. Does that better market translate to your 100 dollars price (per barrel)?
“Never! I don’t see it, frankly I don’t see it. It’s going to take a major calamity. Largely because on the back of all these, countries are racing away from oil.
“If Europe is saying in five years time, `we are going to exit oil cars to electric cars’, oil, therefore, is getting its last years.
“Except for those who produce and use it for local consumption because they’re moving slowly away from it but in terms of an income resource, you can begin to count the years in your hands.
“In 10 years’ time, I’d be very surprised if any country that hasn’t diversified enough is counting really seriously on oil,’’ he said.
“If I get 55 dollars per barrel at the end of the year, I’m contented and by late 2018 60 dollars,’’ he said.
“Pipelines, infrastructure, whether it is gas whether it is crude; there is absolutely no way you can have this country get away from these inefficiencies we see.
“Unless we get the private sector build pipelines, build infrastructure, tariff those infrastructure, then you’ll suddenly see the books of NNPC, government income, stability would all improve.
“More jobs would be created; you’ll have gas to power much easier.’’
“This means we have about 3,000 megawatts sitting there. What does it take? Infrastructure, so we’ve got to step out. All over the world, state by state you have about two or three power providers.
“They run their metering, charging the right tariffs for it, life goes on and they can do their investment in terms of generating the power.
“So they’re fundamental things that we need to do, especially in the oil industry but we are being very constrained.’’
On militancy, he said “militancy is in two directions: there’s criminal militancy and political or philosophical militancy.
“The ones we’ve tried to deal with are the philosophical militants where people are angry because of neglect.
“So, the 20-point agenda and all the things we are doing are geared towards getting a sense of belonging, fairness, development.
“There are, however, individuals who do it for quick gain, no matter what we do, you will always have people who puncture pipelines because it’s easy money.’’
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