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HomeTop NewsNigerian oil exports to US severely hit by shale production - minister

Nigerian oil exports to US severely hit by shale production – minister

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Nigeria petroleum minister, Alison-Madueke

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.

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