The Nigerian National Petroleum Corporation (NNPC) on Monday said that it would continue to seek expansion of the market frontiers for the nation’s crude.
The Group General Manager, Group Public Affairs, (NNPC), Ohi Alegbe, who made this known in Abuja, said that Nigeria would not ignore any market in its quest to remain competitive in the global oil and gas industry.
This is coming as the Brent crude dropped to $67.35 on Monday, the lowest since the financial crisis of 2009.
Alegbe said it was important to ensure that “you are selling the products that you have and you do not ignore any market”.
The spokesman said that U.S non-purchase or declining purchase of Nigeria crude would not have negative impact on the sector.
He said although U.S. used to be the largest buyers of Nigeria’s crude oil it had since been overtaken by other countries.
“In June this year, the NNPC announced that India had overtaken the U.S. in the purchase of crude oil from Nigeria.
“This is after the country raised its demand capacity for Nigeria’s sweet crude to about 30 per cent of Nigeria’s daily production figure.
“U.S. which had traditionally taken the bulk of Nigeria’s crude has in recent months drastically reduced its demand which now stands at about 250,000 barrels per day.
“India, however, now purchases some 30 per cent of Nigeria’s daily crude production which currently hovers around 2.5million barrels.
“Other buyers like China and Brazil have shown strong interest in Nigeria’s crude and as a corporation. The NNPC is further seeking to expand the market frontiers of Nigeria’s crude,” he said.
Alegbe said NNPC had put in place mechanisms to further expand the market frontiers of Nigeria’s crude and to position itself as a major competitor in the hydrocarbon market.
Some of these measures, he said, included participating in different congresses and meetings to access global business opportunities in the petroleum industry.