By Oluwagbenga
Bankole
As a result of the drop in global oil prices which is biting harder on the global oil and gas industry, it has been said that Nigeria loses about 11.5 billion naira on daily basis.
This was made known by the Chief Executive Officer, Mentor Energy Consulting Limited, Mr Victor Eromosele at the Centre for Petroleum Information (CPI) Energy Finance Forum held in Lagos.
Eromosele explained that crude oil at $35 per barrel, Nigeria loses 11.5bn each day, compared with 20 months ago when oil prices were at $115/bbl.
He said that in 36years there have been five global oil downturn, adding that downturn don't last forever and there is always be an upturn.
As a result of the drop in global oil prices which is biting harder on the global oil and gas industry, it has been said that Nigeria loses about 11.5 billion naira on daily basis.
This was made known by the Chief Executive Officer, Mentor Energy Consulting Limited, Mr Victor Eromosele at the Centre for Petroleum Information (CPI) Energy Finance Forum held in Lagos.
Eromosele explained that crude oil at $35 per barrel, Nigeria loses 11.5bn each day, compared with 20 months ago when oil prices were at $115/bbl.
He said that in 36years there have been five global oil downturn, adding that downturn don't last forever and there is always be an upturn.
“At current oil prices many players are in loss territory.
Nigeria is already paying a big price for its oil addiction. It totters at the
brink of further official devaluation,” he said.
He said that some doomsday analyst are predicting that oil
prices could fall as low as $15-20/bbl, adding that at such level it will be
very unprofitable to do business in most fields.
According to him, oil prices are not expert to cross $80 per barrel before 2020.
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