Nigeria to bring down the cost of oil production – Minister

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Chief Timipre Sylva, Minister of State for Petroleum Resources, has pledged to bring down the cost of production of crude in Nigeria.

The Nation reports that a statement by the Minister indicated it was part of his plans in the industry.

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“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. I don’t see how we can sustain the losses,” he said.

Speaking while receiving a delegation led by Mr. Mike Sangster, the Country Chair and Managing Director of Total E & P (Nigeria) to his office in Abuja, the Minister frowned at the practice by some International Oil Companies (IOCs).

He also expressed the hope that Total E & P is not among the OICs “selling our assets”, declaring that “those assets are amortised assets; you can’t sell what you don’t have!”

Sylva decried the situation where the country is hovering between 2 million and 2.2 million per day (bpd) as against more than 4million which he expected the country to be producing.

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Source: The Nation

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