Ayade promises to review cost of oil production as President

A frontline presidential aspirant on the platform of the All Progressives Congress, (APC), and Governor of Cross River State, Professor Ben Ayade, has promised to review the cost of production of crude oil per barrel in the country.

Ayade made the promise while speaking on the need for Nigerians to elect a president with cognate experience in relevant fields to change its economic trajectory.

He decried the current situation, where the country spends about 35 dollars to produce a barrel of crude oil.

According to him, “I come from the oil and gas sector where I was a consultant responsible for crude oil analysis, responsible for process engineering, pipeline construction, piling processes and foundation work.

“So, like the back of my palm, I understand the oil economics of Nigeria. I understand our production quota, I understand the cost of production”.

The APC presidential hopeful pledged that if he secured his party’s ticket and subsequently got elected as president, one of the critical decisions he would tackle would be to review “the cost of producing a barrel of crude oil in this country”.

“When I become president of Nigeria, we are going to revisit the cost of producing a barrel of crude oil. It is the most unacceptable production cost in the world. At 35 dollars per barrel, that is staggering for oil that gushes from the ground naturally. We do not even need a secondary recovery process to be able to allow for the capillary rise of our oil.

“It is very easy to say I want to run for president, to speak to the pleasure and give special talks that generate excitement among the watching public but when it comes to the real thing, the real deal, it is the depth of knowledge, it is the capacity, the experiential capacity that is what you really have to count on. And that is what I am bringing to the table,” he reiterated.

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Ayade promises to review cost of oil production as President