Crude: Nigeria Gets Increased Income As Sales Improve

By Ikenga Chronicles June 1, 2017

Crude: Nigeria Gets Increased Income As Sales Improve

Nigeria is expected to earn more from crude oil sale as new interested buyers indicate interest in improving their activities with the country.

The Nigerian National Petroleum Corporation has disclosed that Indonesia, a growing economy in South East Asia, has indicated interest to purchase more crude from Nigeria to meet up with their demands.

Confirming this development, the Indonesian Ambassador to Nigeria, Mr. Harry Purwanto, explained that his country’s President, Joko Widodo, had instructed the national oil company, Pertamina, to direct its attention to Nigeria in its quest to meet the nation’s energy needs

Speaking in Abuja when he paid a courtesy visit to the Group Managing Director, NNPC, Dr. Maikanti Baru, the ambassador said Nigeria has been identified by Indonesia as a good market and will expect a good working relationship in nearest future.

The NNPC in a statement issued by its spokesperson, Mr. Ndu Ughamadu, in Abuja on Wednesday noted that ambassador’s call was an evidence of a soaring Nigeria’s market share in Asia’s emerging economies, including China and India, having lost grounds in crude oil sales to the United State of America due to advances in shale oil exploration in recent years.

The corporation explained that the step by Indonesia was to add to the 900,000 barrels of crude oil it was producing per day and also supplementing the 1.4 million barrels per day consumption with 18 per cent supplies from Nigeria and 28 per cent from Saudi Arabia.

In his remark, Baru, expressed delight and stated clearly that the corporation was willing to have a relationship with Indonesia on its initiative to replace firewood and kerosene with Liquefied Petroleum Gas as the primary domestic fuel for cooking.

The GMD said the corporation was aware of the huge success of the kerosene substitution programme in Indonesia and would like a collaboration to help Nigeria achieve a similar feat, adding that Indonesia should participate in the forthcoming bid round in order to realise its aspiration of maintaining a presence in the Nigerian oil and gas sector.

He stated that the NNPC was interested in having an agreement with Indonesia in the area of bio-fuel production to diversify the nation’s energy mix and meet its energy need.

The ambassador stated that his country looked forward to lifting crude oil directly from Nigeria, rather than through a third-party as was currently the case.