Monday, 7 January 2013


The General Secretary of the Indigenous Ship-owners Association of Nigeria (ISAN), Captain Niyi Labinjo, said that only 60 of the 600 vessels in the upstream oil sector are owned by indigenous operators. He said that a vessel on offshore operations makes a minimum of $5,000 daily. This, according to him, is the least amount made by a foreign vessel doing business in the nation. As a result, of lack of indigenous ships, he said, the country loses about N2 trillion yearly.

"We have plenty of hydrocarbons. As a result, it is 37 billion barrels, but our government is working towards making it 40 billion barrels. That is our proven reserve. We are said to be the 10th world producer of oil. The world uses 84 million barrels per day of oil and Nigeria produces 2.5 million barrels every day. For gas, we have 24 trillion reserves. We have the best shrimps in the world called tiger shrimps.

That is why you have many Indian fishing companies in Nigeria. All the tiger shrimps are exported. We import into Nigeria every five metric tons of cargo and 100 million metric tons of goods. We also import 65 million litres of petroleum products every year. In the oil and gas industry, Nigeria has about 500 oil wells. For each well, there is a rig, which is supported by a minimum of five ships, and they are called oil support vessels". He finally said that a foreign ship earns $5,000, while others earn $150,000

please share our content on your own social media and with friends to let us know you visited. We thank you for stopping by.