Nigeria must do all within its powers to reduce the cost of crude oil production to help boost revenue generation for economic growth and national development, the Minister of State for Petroleum Resources, Timipre Slyva, has said. Mr Sylva, who spoke at a seminar on effective cost management in the oil and gas sector in Abuja on Tuesday, said the current production cost of over $30 per barrel in Nigeria was not sustainable. The minister was represented by his Chief of Staff, Moses Olamide. The seminar was organised by the Petroleum Technology Development Fund (PTDF) in collaboration with the Quantity Surveyors Registration Board of Nigeria (QSRBN). “Let me go back memory lane. The technical cost of crude oil production in the 1980s/90s was around $4 per barrel. In early 2000, it was between $5 and $6 per barrel. Today, it is over $35 per barrel. “It is interesting to […]