The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, says the world is moving away from oil, hence, it will no longer be an income resource in 10 years’ time, NTA News reports.
Kachikwu said this in Abuja on Thursday while answering questions on “His Outlook for the Commodity in 2018”. According to him, 2018 looks like a better year for crude in terms of pricing but countries are focusing on alternative energy. “In 10 years’ time, I’d be very surprised if any country that hasn’t diversified enough is counting really seriously on oil,’’ he said.
On the outlook for the price of crude by year-end, the minister said “this year, maybe 60 Dollars per barrel but I don’t think it’s going to happen, so let’s say mid 50 dollars. “If I get 55 dollars per barrel at the end of the year, I’m contented and by late 2018; 60 dollars,’’ he said.
The post Kachikwu gives Nigeria 10 years to earn revenue from oil appeared first on Energy News | Oil and Gas News.