Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has reiterated the commitment of the corporation to reduce the cost of crude oil production in the nation’s oil and gas industry to ensure economic growth and development.
Dr. Baru, who was represented by the Chief Operating Officer (COO), Upstream, Engr. Bello Rabiu, disclosed this while declaring open the Nigerian pavilion at this year’s ongoing Offshore Technology Conference (OTC) in Houston.
The fora, he said, presents Nigeria the opportunity to share ideas with global players to ensure oil is produced at the least possible cost, asserting that the lower the oil price, the higher the economic growth for the country.
“It is very important for us to show that we can produce at less cost. And the only way we can continue to bring our cost down is when we have better technology. Technology can only be seen to be better if it delivers results at lower cost.”
He noted that the corporation was doing everything at its disposal to acquire seismic data using 2D, 3D, 4D and other latest technology in the industry.
“There are a lot of Nigerian companies participating here as well. So we are at a stage where we can say that we are well-aligned with everything that is going on in the world in terms of technology,” he added.