Minister of Petroleum, Timipre SylvaMinister of State for Petroleum Resources, Timipre Sylva, yesterday revealed that Nigeria still spends around $30 in producing a barrel of crude oil despite the undulating price of the commodity at the international market.
Although the Federal Government has been making efforts to bring down the cost to about $10, the current cost for Joint Venture production is 300 per cent higher than the projected target. x
Speaking at the launch of the Nigerian Upstream Cost Optimisation Programme (NUCOP), in Abuja, Sylva put the figure for joint venture production at $20/barrel, and Production Sharing Contract (PSC) at about $20/barrel.
(AFRICAN EXAMINER) - The Nigerian National Petroleum Corporation (NNPC) has called on stakeholders in the oil and gas industry to join in working towards
FG sets below $10pb production cost target for oil industry
On
By Obas Esiedesa
The Federal Government has set a target of $10 or less per barrel production cost for Nigeria’s oil industry. The Minister of State, Petroleum Resources, Chief Timipre Sylva, who spoke on Tuesday at the launch of the Nigerian Upstream Cost Optimisation Programme, NUCOP, said it has become critical that current average cost of below $30 per barrel for Joint Venture production and below $20 per barrel for Production Sharing Contract, PSC, was lowered.
He stressed that lower production cost was needed in order to keep the oil and gas industry afloat.
By Levinus Nwabughiogu
Stakeholders and players in the oil and gas sector of the Nigerian economy Wednesday took turns to highlight the significant good inherent in the proposed Petroleum Industry Bill, PIB currently undergoing legislative scrutiny in the national assembly.
The was as the Speaker of the House of Representatives, Femi Gbajabiamila assured that the bill would be passed into law in April this year.
The stakeholders which included the Minister of State for Petroleum Resources, Chief Timipre Silva, the Group Managing Director, GMD, of the Nigerian National Petroleum Corporation, NNPC, Mele Kyari and the Chairman of the Federal Inland Revenue Service, FIRS, Mohammed Nami said that bill when promulgated into law would promote economic growth and bring about the needed vigour and transparency that would in turn engender productivity in the petroleum industry.
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By Levinus Nwabughiogu-Abuja
Stakeholders and players in the oil and gas sector of the Nigerian economy yesterday took turns to highlight the significant-good inherent in the proposed Petroleum Industry Bill, PIB currently undergoing legislative scrutiny in the national assembly.
The was as the Speaker of the House of Representatives, Femi Gbajabiamila assured that the bill would be passed into law in April this year.
The stakeholders which included the Minister of State for Petroleum Resources, Chief Timipre Sylva, the Group Managing Director, GMD, of the Nigerian National Petroleum Corporation, NNPC, Mele Kyari and the Chairman of the Federal Inland Revenue Service, FIRS, Mohammed Nami said that bill when promulgated into law would promote economic growth and bring about the needed vigour and transparency that would, in turn, engende