Connect with us


DPR advocates 30% cut in Nigeria’s oil production cost



The Department of Petroleum Resources (DPR) on Thursday announced plans to reduce the cost of oil production in the country.

The DPR Director, Sarki Auwalu, disclosed this in the Nigerian Natural Resource Charter (NNRC) Twitter handle.

The NNRC is an agency in the petroleum sector.

He said the agency is considering a 30 percent reduction in oil production in the short to medium term.

The DPR chief stressed that the current high cost-per-barrel is “unsustainable and clearly unreasonable.”

READ ALSO: Buhari restores ownership of four oil blocs to NNPC, orders DPR to withdraw revocation letter

Auwalu said: “It is time to turn to new strategies, new ways of thinking, new technologies, and new products – a time for strategic repositioning and business optimization.

“Specifically, we as a government had set a clear path for industry growth during and beyond this period. The oil and gas industry needs to be more efficient.”

The DPR chief stressed the need for Africa to harness its over 125 billion barrels of proven oil reserves and 625 trillion cubic feet of natural gas for the continent’s growth.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now