President of the Senate, Ahmad Lawan has advocated for a reduction in the cost of crude oil production by International Oil Companies (IOC’s) operating in Nigeria.
Lawan made the call on Thursday in Abuja, while receiving a delegation of Oil Producers Trade Section (OPTS) in Abuja.
He said that the Petroleum Industry Bill (PIB) at the National Assembly would make provisions for reduction in the cost of crude oil production.
“The cost of production in Nigeria is a major concern in the oil industry, my colleagues in the committees that are oil and gas related know better.
“But from the little I understand, while Saudi Arabia may spend 5 dollars to produce a barrel, we are spending about 30 dollars to produce same in some cases.
“The time has come for us to ensure that the cost of production is beaten down to a more meaningful and profitable production cost.
“We must do everything possible together to ensure that the host communities benefit from wherever they are…
Source: Vanguard Newspaper