Amaechi Predicts Drop In Oil Price … As US Moves To Explore Oil

Rivers State governor, Rt Hon Rotimi Amaechi, has said that the price of crude oil may drop drastically in the next 20 years, if plans by Americans to explore the shale oil option is anything to go by.

The governor spoke at the 3rd quadrennial delegates/conference of  the Nigerian Union of Petroleum and Natural Gas Workers (NUPENC) last Thursday in Port Harcourt.

Amaechi, who was represented by his deputy, Engr Tele Ikuru said China has also indicated interest to participate in the crude oil option, if the Americans plans scale through.

He expressed worry over the Chinese indication of the crude oil option deal, hinting that they (Chinese) go to the extreme in any business they choose.

Amaechi, who is also the chairman of Nigeria’s Governors Forum (NGF), recalled that Nigeria was the sole exporter of crude oil in Africa some years back, but added that several African countries now export crude oil.

He said that until something urgent was done, the nation may not survive the situation in the future.

The Rivers State Chief Executive, suggested the quick passage of the Petroleum Industry Bill (PIB), as a way out should the price of crude oil drop.

He charged NUPENG to do everything within their reach to ensure that the best practice in the petroleum and gas industry was carried out.

“If you want to strike, you strike; if you want to riot, you riot, to ensure the speedy passage of the PIB”- he said.

In an interview with the press, the National President of NUPENG, Comrade Achese Igwe, said that unless the country stops the importation of refined petroleum products, it may not make any headway in the crude oil business.

He noted that time to put back the country’s refineries into action was over due, hinting that Nigeria now imports refined petroleum products from Niger Republic.

Highlight of the event was the awards to Governor Amaechi, Dangote and others by NUPENG.