President Muhammadu Buhari called on the operators of Nigeria’s oil and gas industry to search for more efficient ways of exploiting the commodity to reduce the cost of production per barrel.
He says that although Nigeria is observing the trend in the global movement toward renewables, he is optimistic that oil would remain relevant in the coming years.
He says his administration’s drive for the discovery of more reserves and ramping up oil production is irrevocable.
He stated that his administration has demonstrated commitment to the overhauling of the oil and gas industry to make it fit for the future.
The president says the accelerated and unprecedented oil demand disruption and the supply glut that generated the crisis in the global economy had presented both challenges and opportunities.