FG exploring new oil markets to boost revenue, reduce OPEC

From Adewale Sanyaolu, Houston, Texas

Nigeria is intensifying efforts to explore new markets for its crude oil as global energy dynamics continue to evolve, the Chairman of the Petroleum Technology Association of Nigeria (PETAN), Mr. Wole Ogunsanya, has said.

Speaking at the opening ceremony of the Offshore Technology Conference (OTC) which began in Houston, Texas yesterday, Ogunsanya said Nigeria must move beyond traditional buyers and aggressively seek alternative markets to remain competitive and maximise revenue.

According to him, recent developments within the Organisation of Petroleum Exporting Countries (OPEC), including moves by some members to act independently, signal the need for Nigeria to rethink its crude marketing strategy.

“We must start developing markets outside our traditional destinations. It is not enough to rely solely on OPEC frameworks; we need to secure buyers for our crude in a more proactive manner,” he said.

Ogunsanya noted that Nigeria produces some of the best crude grades globally and should leverage this advantage to penetrate new markets across Africa, Europe and other regions.

He stressed that expanding market access has become even more critical as Nigeria pushes to increase oil production and support the growing capacity of domestic refineries.

“With refining capacity in Nigeria expected to ramp up significantly, we must ensure consistent supply while also identifying external markets for excess production,” he added.

The PETAN chairman said participation in OTC provides a strategic platform to engage potential investors, partners and off-takers, as well as to showcase Nigeria’s capabilities in the oil and gas sector.

He also highlighted ongoing efforts to strengthen collaboration among African countries through the African Local Content initiative, which he said would support cross-border investments and market expansion.

Ogunsanya further emphasised the need for improved efficiency and adoption of modern technology to keep Nigeria’s crude competitive in the global market.

He warned that failure to secure new markets could expose the country to price volatility and reduced earnings, especially in a rapidly changing global energy landscape.

Despite challenges such as visa constraints affecting participation at this year’s OTC, he said Nigeria’s strong presence at the conference demonstrates its determination to remain a key player in the global oil and gas industry.