DPR pushes for 30% reduction in oil production cost

Lagos — Director for the Department of Petroleum Resources, DPR, Sarki Auwalu has said a 30 percent reduction in oil production cost in the short to medium term is underway. He revealed this while delivering his speech at a Sub-Saharan African conference on Wednesday. AccoKrdyinagrito him, the current high cost-per-barrel is not sustainable and clearly unacceptable.

“This is time to adapt to new strategies, new thinking, new approach, and new products – a time for strategic repositioning & business optimisation. Specifically, we as Government has set clear path for industry growth during and beyond this period. The Oil & Gas Industry needs to be more efficient. The current high cost-per-barrel is not sustainable and clearly unacceptable,” he said.

He explained that for a better and secured future, Africa must rise to the challenge of harnessing its over 125 billion barrels of proven oil reserves and 625 trillion cubic feet of natural gas for the development of the continent.

He said, “African must not be cowed to abandon its quest to grow its economies by the ‘doomsday’