The Minister of State for Petroleum Resources, Timipre Sylva, says Nigeria must bring down the cost of production of its crude oil as the country is currently a laughing stock in the way it runs busin
ess in the oil and gas sector.
The minister, who unveiled some of his plans in the oil and gas sector, was quoted in a statement issued by the Federal Ministry of Petroleum Resources as saying, “We have to bring down our cost of production of crude, as we are presently a laughing stock in the way we do our business.”Sylva frowned on the unwarranted practice perpetuated by some international oil companies and expressed the hope that Total E&P was not among the IOCs that sold the country’s assets.
Sylva stated that he expected the country to be producing nothing less than four million barrels of crude per day and decried the situation where Nigeria was still hovering between two million and 2.2 million. The minister also spoke on the necessity of getting the Petroleum Industry Governance Bill revisited by the National Assembly.He said, “We need to tidy up the regulatory environment with the National Assembly. I have called the Group Managing Director of the Nigerian National Petroleum Corporation for us to meet with the National Assembly and have a timeline which we can announce to the world.
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