Maikanti Baru, group managing director of the Nigerian National Petroleum Corporation (NNPC) says the corporation will strive to use new technology to reduce the cost of crude oil production.
Baru made this known while presenting his paper titled Deepwater Operations in Nigeria: The Journey So Far, at the Offshore Technology Conference (OTC) in Texas on Tuesday.
Baru who was represented by Rabiu Bello, COO Upstream operations, said the aim of Nigeria’s participation at the conference is 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,” he said.
“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.”
Quoting figures from the Department of Petroleum Resources (DPR), the GMD said out of 87 deepwater blocks in the country, only seven are currently producing with an additional six at different phases of development.
“The industry has committed capital in excess of $65 billion and generated revenue exceeding $180 billion thereby creating value for all stakeholders,” he said.
“We expect within the next 10 years that production from Nigerian deepwater would double. ”
The GMD said the corporation is committed to supporting new deepwater projects on the horizon and will also ensure “adequate local participation.”