{"id":14757,"date":"2019-08-28T16:33:17","date_gmt":"2019-08-28T16:33:17","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=14757"},"modified":"2019-08-28T16:33:17","modified_gmt":"2019-08-28T16:33:17","slug":"nigerias-minister-of-state-for-oil-promises-to-reduce-oil-production-cost","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-minister-of-state-for-oil-promises-to-reduce-oil-production-cost","title":{"rendered":"Nigeria\u2019s minister of state for oil promises to reduce oil production cost"},"content":{"rendered":"<p>THE Minister of State for <a href=\"https:\/\/www.africa-press.com\/nigeria\/economy\/nnpc-says-selling-petrol-at-n145-per-litre-no-longer-sustainable\">Petroleum<\/a> Resources, Chief Timipre Sylva on Tuesday promised to reduce oil production cost in the country.<\/p>\n<p>A statement explained that it was part of what he aspired to achieve in the industry.<\/p>\n<p>\u201cWe have to bring down our cost of production of crude, as we are presently a laughing stock in the way we do our business. I don\u2019t see how we can sustain the losses,\u201d he said.<\/p>\n<p>He was speaking when the Country Chair and Managing Director of Total E &amp; P (Nigeria), Mr. Mike Sangster led a delegation of the oil major on a courtesy call to his office in Abuja.<\/p>\n<p>Sylva also frowned at the practice by some International Oil Companies (IOCs) and expressed the hope that Total E &amp; P is not among the OICs \u201cselling our assets\u201d, declaring that \u201cthose assets are amortised assets; you can\u2019t sell what you don\u2019t have!\u201d<\/p>\n<p>He said he expected the country to be producing no less than four million barrels of crude per day (bpd) but decried the situation where the country is hovering between 2 million and 2.2 million!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>THE Minister of State for Petroleum Resources, Chief Timipre Sylva on Tuesday promised to reduce oil production cost in the country. A statement explained that it was part of what he aspired to achieve in the industry. \u201cWe have to bring down our cost of production of crude, as we are presently a laughing stock [&hellip;]<\/p>\n","protected":false},"author":62,"featured_media":2577,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[633,434,202],"class_list":["post-14757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-bpd","tag-nnpc","tag-oil"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nigeria\u2019s minister of state for oil promises to reduce oil production cost - Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-minister-of-state-for-oil-promises-to-reduce-oil-production-cost\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria\u2019s minister of state for oil promises to reduce oil production cost\" \/>\n<meta property=\"og:description\" content=\"THE Minister of State for Petroleum Resources, Chief Timipre Sylva on Tuesday promised to reduce oil production cost in the country. 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