Nigeria’s oil industry at risk over high cost – IOCs

International Oil Companies, IOCs, yesterday, warned that rising cost was threatening the growth and development of the Nigerian petroleum industry.

This is even as independent and marginal fields’ operators blamed the delay in the growth of the sector on limited assets and inadequate funding.

Speaking at the ongoing Nigerian Oil and Gas Conference and Exhibition, Managing Director of one of the IOCs, Shell Petroleum Development Company, Mr. Mutiu Sunmonu, said that issues of cost inefficiency are capable of killing the oil industry, adding that it will also make it impossible for both government and stakeholders to achieve their aims for the sector.

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Integrity Organization is committed is an anti-corruption, research and advocacy organization. Its activities are centered on the aim to reduce the tolerance for corruption in Nigeria.

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