The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu yesterday urged International Oil Companies (IOCs) operating in the country to either produce oil at a reduced cost or allow the mineral deposit to remain in the ground, The Nation reports.

Represented by his Senior Technical Adviser, Engr. Johnson Awoyemi at the symposium on the Petroleum Industry Governance Bill (PIGB) in Abuja, he noted that the PIGB would address the issue of cost in the country since Nigeria operates one of the highest costs of extraction among oil provinces in the world.

He also noted that North America is becoming more energy self-reliant, Europe has technology in alternative energy and China maintains a grip on the natural resources of the entire African flank, in addition to the search for oil and gas through fracturing at the home front.

According to him, Nigeria’s opportunity to benefit maximally from the petroleum industry is narrowing. The minister said a policy in response to the situation should be to grow gas based industries and start looking inwards in capturing the Nigerian market rather than searching for foreign markets.

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