Thread by @Oando_PLC

Currently ongoing: "Industry Leaders’ Panel: Maintaining Nigeria’s position as the Oil & Gas Investment Destination of Choice"

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On attempts being made to revise the regulatory framework to a one-stop shop all the IOC and the @NNPCgroup COO Upstream Rabiu Bello, agreed that it is best practise to have a single regulator that covers the commercial and technical aspect of the business.
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"We have to be competitive otherwise we will be irrelevant we need to continually tackle managing our cost and have open dialogue on how we can reduce cost."- Paul McGrath, Chairman & MD, @ExxonMobil_NG on maintaining Nigeria’s position as the O&G investment destination of choice

"Cost of production in Nigeria is about 15-65% higher than the global benchmark & projects take 36-100% longer to complete"- Jeff Ewing,Chairman & MD, Chevron Nigeria speaking on the ways to get cost of production to a decent size that can compare with different terrains globally

Some of the solutions Jeff Ewing proffered to drive down our production cost included cost sharing with other companies, becoming more technologically effective and working together to get the $15 production cut mark.
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(1/2) "$15 production cost is doable but there are issues that needs to be addressed. There is need to collaborate with all stakeholders and need for the government to ramp up on security which results...
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(2/2) ...in sabotage. If these issue of corruption and security is sorted we can produce as much as 3m million barrels as a country" Rabiu Bello, @NNPCgroup COO Upstream
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Some of the issues highlighted by the panellist that drive up costs include security, levies, community costs amongst others. They also stated that 75% of the cost in the operating environment has nothing to do with the direct costs of the business.
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