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Nigeria potential to drive economy

Nigeria potential to drive economy
OPEC Secretary-General Abdalla El-Badri said in Abuja yesterday he was excited about Nigeria?s presentation of its gas projects.

OPEC Secretary-General Abdalla El-Badri said in Abuja yesterday he was excited about Nigeria"s presentation of its gas projects.

OPEC Secretary-General Abdalla El-Badri said in Abuja yesterday he was excited about Nigeria"s presentation of its gas projects which, according to him, have the potential to drive the economy as much as oil.

Fielding reporters" questions at the end of his three-day, El-Badri said the tour was stimulating and satisfying.

Nigeria gave us the activities in its downstream and upstream, oil reform project and the gas master plan, which is very interesting to OPEC.

We hope it will be a useful project,"" El-Badri said.

He said the delegation held series of meetings with high level officials of the Ministry of Petroleum Resources and its agencies, including NNPC, to discuss the world oil market, challenges of crude production and data analyses between OPEC member-states.

He said it was the responsibility of member-states to carry out reforms in their oil and gas jurisdictions, adding that in the case of Nigeria, the ``project is noble.""

El-Badri also said that exploration and production technology had not posed any major challenge in crude production in OPEC countries.

He said that in spite of a shift in energy consumption policy in some Western nations, oil would remain a dominant energy source for the foreseeable future.

According to him, these nations consume over 80 per cent of the oil produced by the OPEC members, who in turn, buy their finished products, including drugs, clothing, machinery and technology from the West.

He urged OPEC countries to enthrone good oil policies and promote good corporate governance.

El-Badri said OPEC would continue to stabillise global oil prices as it wished to secure reasonable price per barrel of crude to grow more fields, increase investments and improve the lots of citizens of member-countries.

www.TurkishMaritime.com.tr

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