Nigeria: Oil Production At $32 Per Barrel Too High – Kachikwu

18 Aug 2017   Nigeria

The Minister of State for Petroleum Resources, Ibe Kachikwu, has decried the high cost of oil production at 32 dollars per barrel, saying it makes cost of Foreign Direct Investment very expensive. Kachikwu made the assertion at the 2017 annual conference of the National Association of Energy Correspondents (NAEC), in Lagos. The minister said that the Federal Government was making frantic efforts to bring down the cost to 15 dollars per barrel in order to significantly bring down cost of FDI. “The outcome of this initiative will be a win-win for investors and the nation,” Kachikwu said. He said the Petroleum Industry Governance Bill (PIGB) had been structured to fully turn around the petroleum sector and make it attractive to investors. Kachikwu also said that the security issues and funding gap in the area of refinery had delayed the take-off of refinery projects, even after licences had been issued. […]

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