African Oil Producers Must Cut Production Cost – Kachikwu

KachikwuThe Minister of State for Petroleum, Dr Ibe Kachikwu, says Nigeria and other African oil producing countries must begin to device strategies to cut costs in oil production in order to break even.

This came in the face of persistently dwindling oil prices in the global market.

Dr Kachikwu said that this current challenge requires strong collaboration among smaller oil producing countries in the continent and a lot of decisive action in areas of structure, management and operations in oil production.

He said that the African Petroleum Congress and Exhibition – CAPE VI to be hosted by Nigeria in March 2016 would focus on promotion of cooperation among member nations in technical assistance, marketing policies and strategies geared towards returning African oil producers to the lowest cost in oil production.