Nigerian oil exports to US severely hit by shale production:
minister
Lagos (Platts)--5Jun2014/738 am EDT/1138 GMT
Nigeria's crude oil exports to the US have dropped significantly
following the surge in shale oil production by the Americans, Nigerian
oil minister Diezani Alison-Madueke has said.
Alison-Madueke said at a meeting with labor unions in Abuja that
dramatic shift in the position of the US from being Nigeria's biggest
crude oil buyer to near zero, called for urgent reform of the Nigerian
oil sector and the passage of the Petroleum Industry Bill), according to
a statement Thursday from the her office.
"I know [labor unions] must have heard of the shale gas and the shale
oil revolution. This has literally knocked out Nigeria from the export
of oil to the US," the statement quoted the minister saying.
She added that the "development should spur Nigerians to impress it on
the legislature to pass the PIB as soon as possible."
Data released recently by Nigeria's National Bureau of Statistics
showed that exports (dominated by crude oil) to the US in the last
quarter of 2013 were 12.5% of total exports compared with around 40%
five years ago.
"So Nigeria must adopt new strategies. This market called shale oil and
gas has resulted in Nigeria seeking new markets for its oil,"
Alison-Madueke said.
Nigeria is Africa's largest oil producer, with a current output of
around 2.0 million b/d.
The PIB seeks to overhaul Nigeria's oil and gas sector radically and
spur fresh investment, has been stuck in the parliament for more six
years now.
The statement quoted the minister saying that the delay had hindered the
government in taking key decisions on the oil sector.
--Staff, newsdesk@platts.com
--Edited by Jonathan Dart,
jonathan.dart@platts.com
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