Sun News: Shale Gas: Nigeria to compete with US in Europe
These are certainly bad times for the nation’s oil and gas sector as Nigeria is to face stiff competition with US in the fight for Europe and Asia crude oil market.
The United States, which hitherto was the biggest buyer of Nigeria’s crude, dumped the country following the discovery of Shale oil and gas in commercial quantity, with the halt in the importation of crude oil from Nigeria.
The Obama administration has opened a new front in the global battle for oil market share, effectively clearing the way for the shipment of as much as one million barrels per day of ultra-light US crude to the rest of the world.
The US Department of Commerce on Tuesday ended a year-long silence on a contentious, four-decade ban on oil exports, saying it had begun approving a backlog of requests to sell processed light oil abroad. It also issued a long-awaited document outlining exactly what kinds of oil other would-be exporters can ship.
MORE