Nigeria’s new Petroleum Minister says the country has become a laughing stock in the oil and gas sector

Mr. Timipre Sylva, the Minister of State for Petroleum Resources

Timipre Sylva, the Minister of State for Petroleum Resources, on Tuesday said that Nigeria is a laughing stock in the way it runs business in the oil and gas sector.

“We have to bring down our cost of production of crude, as we are presently a laughing stock in the way we do our business,” he said.

The minister who spoke on Tuesday in Abuja noted that the country must bring down the cost of production of its crude oil.

Mr. Sylva stated this when Mike Sangster, the Managing Director of Total Exploration and Production, Nigeria, led delegation from his company to visit the new petroleum minister.

He further said that he expected Nigeria to be producing nothing less than four million barrels of crude oil daily instead of the two million barrels currently produced.

“The quicker we produce our oil, the better for us. The industry has to grow. We need to look at exploration. Our reserves are growing far less than expected,” he said.

He also urged the National Assembly to revisit the Petroleum Industry Governance Bill.

“We need to tidy up the regulatory environment with the National Assembly. I have called the Group Managing Director of the Nigerian National Petroleum Corporation for us to meet with the National Assembly and have a timeline which we can announce to the world.

“We also need to harmonise the laws so that we don’t have too many with which we can regulate the industry.”

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