The 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 the 2019 Offshore Technology Conference (OTC) in Houston, United States.
According to a statement by NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, the NNPC GMD said by participating at fora such as the OTC, the corporation and Nigeria in general, were sharing 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. And that is what I see here,” Baru noted, shortly after going round exhibiting companies at the Nigerian Pavilion.
The NNPC helmsman who was delighted by the performance of Nigerian companies at the annual conference over the years, particularly 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 clearly that we are well-aligned with everything that is going on in the world in terms of technology,” he added.
Earlier in his remarks, Chairman of the Petroleum Technology Association of Nigeria (PETAN) and Nigeria’s OTC Partner organisation, Mr. Bank-Anthony Okoroafor, thanked NNPC for its consistent support towards the nation’s participation at the annual showpiece.
“It has always been an opportunity for Nigerian entrepreneurs to come to Houston, experience cutting–edge technology, share ideas and more significantly, work towards reducing the cost of production in Nigerian Oil and Gas Industry,” Okoroafor stated.
