New technology will reduce cost of oil production, says NNPC
By Joseph Inokotong, Abuja
Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru has said that the corporation will strive to use new technology to reduce the cost of producing crude oil.
This was disclosed by Baru in a statement issued by NNPC Spokesman, Mr. Ndu Ughamadu, in Abuja. He quoted Baru as stating this while declaring open the Nigerian pavilion at the 2019 Offshore Technology Conference in Houston, United States.
The conference is an annual international oil and gas event that brings together global experts and stakeholders to discuss issues about the sector. Baru was represented at the confab by the Chief Operating Officer, Upstream, Mr. Bello Rabiu.
He 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.
According to him, Nigeria participating at fora such as the Houston conference will avail it the opportunity to share ideas with global players to ensure oil is produced at the least possible cost.
“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 costs. And that is what I see here,” Baru said.
He expressed delight at the performance of Nigerian companies at the annual conference over the years, adding that the corporation was doing everything at its disposal to acquire seismic data using 2D, 3D, 4D and other latest technology in the industry.
Chairman of the Petroleum Technology Association of Nigeria (PETAN) and Nigeria’s OTC partner organization, Mr. Bank-Anthony Okoroafor, also thanked the 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 the Nigerian oil and gas industry,” Okoroafor said.
About 50 Nigerian companies are participating in this year’s OTC, which is the 50th edition.
