The Minister of State for Petroleum Resources, Timipre Sylva, says Nigeria must bring down the cost of production of its crude oil as the country is currently a laughing stock in the way it runs business in the oil and gas sector.
He said this on Tuesday in Abuja while playing host to the Country Chair/Managing Director, Total Exploration and Production, Nigeria, Mike Sangster, who led a delegation from his company to visit the minister.
The minister, who unveiled some of his plans in the oil and gas sector, was quoted in a statement issued by the Federal Ministry of Petroleum Resources as saying, “We have to bring down our cost of production of crude, as we are presently a laughing stock in the way we do our business.”
He noted that the country was making losses in the sector. Read more