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FG Charges Oil Sector Stakeholders To Chart New Strategies To Reduce Cost Of Oil Productions

The Federal Government has  charged  stakeholders in the oil and gas sector to increase their commitment towards improving the industry. Speaking at the 2018 Nigeria Oil and Gas Conference and Internal Exhibition, in Abuja, the Minister of State for Petroleum Resources, Dr Ibe Kachikwu said the time has come for Nigerian players in the sector to evolve new strategies and set very achievable benchmarks for growth.

 

Kachikwu however highlighted the cost of producing oil in the country as one of the major challenges confronting the nation, while urging stakeholders to initiate new projects that will reduce cost of oil production in Nigeria. Earlier the Secretary-General, Organization of Petroleum Exporting Countries, Mohammad Sanusi Barkindo in his keynote address observed that volatility in the oil market impact's negatively on  both producers and investment.

 

While Disclosing that long-term demand of oil is expected to increase to 15.8 million barrels per day by the year 2040, Barkindo encouraged all oil producing countries to corporate with OPEC in its mandate to ensuring sustainable market stability. Our Correspondent, Raliat Adenekan reports that the theme of the 2018 Nigeria Oil and Gas Conference is " Driving Nigeria's Oil and Gas Industry Towards Sustained Economic Development and Growth ".

Photo Credit: 
businessdayonline.com

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