Decries cost of crude oil production
The Minister of State for Petroleum Resources, Dr. Emmanuel Kachikwu Thursday expressed fear that the completion of the planned Dangote Refinery will turn the country’s four refineries to scraps.
Kachikwu, who spoke at a two-day Stakeholder Consultation on draft national Gas Policy and National Oil Policy in Abuja, was of the opinion that the refineries should be properly fixed before the completion of the Dangote Refinery in 2019.
The government refineries referred to by the Minister are: Port Harcourt, Kaduna and Warri Refineries, which are not producing maximally.
Similarly, the Minister decried the cost of producing a barrel of crude oil, which today stands at $27. According to the Minister this should be brought to $18 per barrel.
The Minister, who gave a keynote address at the closing of the Consultative Forum on “Strengthening regulation in the oil and gas sector”, also talked about the need for full deregulation of the sector.