NNPC to use new technology to reduce crude oil production cost

The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru says the corporation will strive to use new technology to reduce the cost of crude oil production for economic development.

Baru disclosed this in a statement issued by NNPC spokesman, Mr Ndu Ughamadu, in Abuja on Tuesday.

He quoted Baru as disclosing this while declaring open the Nigerian pavilion at the 2019 Offshore Technology Conference (OTC) in Houston, United States.

OTC is an annual international Oil and Gas conference that brings together global experts and stakeholders to discuss issues about the sector.

Baru was represented at the occasion by the Chief Operating Officer (COO), Upstream, Mr Bello Rabiu.

Baru 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 OTC 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 cost. And that is what I see here,” Baru said.

GMD expressed delight at the performance of Nigerian companies at the annual conference over the years.

He 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.

The Chairman of the Petroleum Technology Association of Nigeria (PETAN) and Nigeria’s OTC Partner organisation, Mr Bank-Anthony Okoroafor, also 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 said.

About 50 Nigerian companies are participating in this year’s OTC, which is the 50th edition.

This year’s event promises to witness over 60,000 attendees from more than 100 companies, while about 400 technical papers are expected to be delivered.