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The oil and gas sector is going to face a substantially reduced demand for a prolonged period as its recovery is not likely any time soon, the Federal Government said on Thursday.
It also announced the resolve of the Nigerian government to continue meeting the gas supply demand of countries in the West African subregion.
Minister of State for Petroleum Resources, Chief Timipre Sylva, said these in separate virtual and physical functions.
In his virtual address at the international conference of the Nigerian Association for Energy Economics in Abuja, the minister said the impact of the COVID-19 pandemic on the oil sector was still devastating.
FG unveils strategies to survive pandemic, future oil price crash
On
…How we are navigating pandemic challenges – PTDF
By Michael Eboh
Minister of State for Petroleum Resources, Chief Timipre Sylva, Thursday, disclosed that the Federal Government has adopted key strategies to help strengthen the Nigeria petroleum industry after the COVID-19 pandemic and also insulate the economy from a future crash in the prices of crude oil.
This was also as the Nigerian Association for Energy Economics, NAEE, argued that the Nigerian petroleum industry, had over the last 20 years, showed that it lacked the necessary capacity to change and adapt to global trends.