At my inauguration in August 2019, our ministry was given eight mandate areas - to curb crude oil theft and products smuggling; completion of the gas flares commercialisation programme; increasing crude oil production to three million barrels per day; reducing the cost of crude oil production by five per cent; passage of the PIB; promotion of inland basin and deep-water exploration; collaborating with the private sector to increase domestic refining capacity, and creating jobs and opportunities.
The NNPC (Nigerian National Petroleum Corporation) launched "Project White" which, within a very short time, brought down the country's daily petrol consumption from over 62 million litres to 52 million litres per day.
Again DPR (Department of Petroleum Resources) launched COLTS (crude oil lifting and tracking system), which tracked all the crude oil being exported from Nigeria.
PT: Nigeria has one of the highest costs of crude oil production.
Before now, NAPIMS (National Petroleum Investment Management Services) had completely abdicated its responsibility of auditing the cost of production with the joint venture companies and became the contracting agency.
