Osinbajo fears extinction of oil, gas exploration

• NNPC redeploys 124 staff, appoints Ughamadu as spokesman
The end of oil and gas exploration might be nearer than imagined, said Yemi Osinbajo. The Vice President voiced this concern yesterday in Abuja at the presentation of three books written by the Minister of State for Petroleum Resources, Ibe Kachikwu.

He anchored his worries on breakthroughs in the sector, especially the discovery of shale oil in commercial quantities in the United States.

The Nigerian National Petroleum Corporation (NNPC), meanwhile, has announced Ndu Ughamadu as its spokesman. He replaces Garbadeen Mohammed, amid a redeployment of 124 staff.

Osinbajo said the popularity of emerging technologies like solar and electric-powered vehicles was pushing hydrocarbons into irrelevance amid rapid depletion. According to him, the trends leave Nigeria no choice but diversify its economic base.

He 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, 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 might be over sooner than we expected.”

Commending the minister for writing the book, Osinbajo said Kachikwu had delivered one of the most significant contributions to understanding the country’s petroleum sector.

Kachikwu said although the contents of the books were his professional and privileged thoughts, the federal government, state governments, National Assembly and stakeholders in the industry could explore the issues raised to achieve development.

“You will not find the insights Dr. 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,” said Osinbajo.

On the NNPC redeployment Adewale Ajayi Oladipo is now General Manager, Capital Projects ETD; Ahmadu Sambo is GGM, Finance; Wunti Bala Maijaima’a is GM/TA Downstream; Mrs. Umma Musa is GM Services Trading CO; Okonkwo Chukwuma is MD NNPC Capital, while Adekemi Akitoye Adunni takes over as GGM NNPC Learning Academy.
Chidi Momah is Secretary to the Corporation.