Nigeria must reduce the cost of oil production by 30% from the current $35 per barrel, now one of the highest in the world, Minister of State for Petroleum Resources Timipre Sylva told a workshop organised by the Petroleum Technology Development Fund (PTDF).
The technical cost of oil production in the early 1990s was just $4 per barrel, and the current upward trend is unsustainable as it discourages investment, he said.
