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Baru Says OTC Offers Opportunity to Benchmark Crude Oil Production Cost in Nigeria

Dr. Maikanti Baru, The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) has 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.

Dr. Baru, who was represented by the Chief Operating Officer (COO), Upstream, Engr. Bello Rabiu, disclosed this while declaring open the Nigerian pavilion at this year’s Offshore Technology Conference (OTC) in Houston, United States, Tuesday.

A release in Abuja by NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, stated that the NNPC GMD said by participating at fora such as the OTC, the corporation and Nigeria in general, were sharing ideas with global players to ensure oil is produced at the least possible cost, asserting that 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 noted, shortly after going around the exhibiting companies at the Nigerian Pavilion.

The NNPC helmsman who was delighted by the performance of Nigerian companies at the annual conference over the years, particularly 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.

“There are a lot of Nigerian companies participating here as well. So, we are at a stage where we can say clearly that we are well-aligned with everything that is going on in the world in terms of technology,” he added.

He said since 1993, offshore development in Nigeria had witnessed tremendous development, as according to him, it was great to see several Nigerian companies now producing offshore in Nigeria.

While describing conferences such as the OTC as an avenue where local entrepreneurs work together with other global experts towards building capacity in-country, Dr. Baru stressed that it was extremely important for Nigerian companies to continue to participate because “if you don’t touch base with technology, you cannot develop.”

Earlier in his remarks, Chairman of the Petroleum Technology Association of Nigeria (PETAN) and Nigeria’s OTC Partner organization, Mr. Bank-Anthony Okoroafor, 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 stated.

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.

 

 

 

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