Oil Sector

NNPC COMMITTED TO BRINGING DOWN PRODUCTION COST

Minister of state Petroleum Resources Timipre Sylva is optimistic that the National Gas Expansion Programme (NGEP), will boost the use of natural gas in the short and medium terms.
He said It is also part of the plan by the federal government to shift from crude oil to gas. Thus the ministry have initiated actions to improve gas accessibility ,availability, and promote gas-based industrialisation as well as economic diversification.
the minister gave this assurance at Nigeria Oil and Gas Conference (NOG) with the theme Fortifying the Nigerian Oil & Gas Industry for Economic Stability & Growth ,held virtually.

A statement by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, also quoted the Group Managing Director of Nnpc Mele Kyari, reiterating its commitment to bringing down the unit cost of oil production in the country to $10 per barrel, so as to remain competitive in the Industry and deliver value to Nigerians.

Kyari projected that the global demand in the oil and gas industry will remain suppressed substantially till the end of 2020 he however, noted that despite all the forecasts, oil will continue to play a significant role in the energy mix till 2050.
Stressing that it doesn’t mean oil will vanish.rather it means in terms of its significance, in terms of the volumes of contribution, it will reduce as the years go by.

He said it true that many countries have made significant business decisions in the use of fossil fuel, including the United Kingdom, projections that no car will run on fossil fuel in the next 10 years.

This he says will portend a huge change in the way the world consume fuel and many countries may follow suit.
He explained that the NNPC was already working hard to deepen domestic gas utilisation by emplacing the right fiscal environment and the right infrastructure in order to generate more employment and broaden Nigeria’s economy.

Show More

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button