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Timipre Sylva, the Minister of State for Petroleum Resources, has promised to partner the newly constituted board of the Nigerian National Petroleum Corporation (NNPC), stating that priority would be given to Petroleum Industry Bill (PIB) in order to harvest maximum benefits in the oil and gas sector.
The minister who also doubles as the alternate chairman of the board made the pledge in a congratulatory statement to the new board members on Sunday wherein he also affirmed that the board would focus on bringing down the cost of production of crude oil, eliminating vandalism, improving the National Crude Oil Reserve
Analysts said Nigeria needs to reduce its crude oil production costs from $30 per barrel to about $10 per barrel ,stating emphatically that it is no longer feasible to do business at such costs.
Also, Nigeria is losing billions of investment to other African countries with better template for doing oil business as it lingers in the passage of its Petroleum Industry Bill.
It would be recalled,the president had constituted the board of the NNPC whose key objectivesare to see to the effective and efficient cordination of the running of the oil and gas sector business for maximum benefit of Nigerians.
The members as announced by the Presidency include Mohammed Lawal (North West), Tajudeen Umar (North East), Adamu Mahmood Attah (North Central), Senator Magnus Abe (South South), Stephen Dike (South East), and Pius Akinyelure (South West).
It would be noted that the minister as the alternate Chairman of the NNPC Board has other members which includes the Group Managing Director of the NNPC and Permanent Secretary of the Ministry of Finance,
