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By Ikechukwu Okaforadi and Musa Baba Adamu
Senate President, Ahmad Lawan, yesterday told foreign oil dealers in Nigeria that the 9th Senate is not ready to entertain any compromise that will shortchange the interest of Nigerians as it moves toward passing the age-long Petroleum Industry Bill (PIB). Lawan sounded this warning when he received members of the Oil Producers Trade Section (OPTS), who paid him a visit in his office in Abuja. Addressing the delegation, Lawan said the PIB under its consideration will look into the cost of production of a barrel of oil in Nigeria, in juxtaposition with what obtains in other countries, lamenting that the cost of producing a barrel of oil in Nigeria is $30 higher than $5 which it costs in Saudi Arabia.
PIB: Your production cost too high, Senate President tells International oil companies PIB: Your production cost too high, Senate President tells International oil companies
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President of Senate, Ahmad Lawan, has expressed concern over high exploration cost being claimed by International Oil Companies involved in joint ventures operations with Nigeria.
To mitigate this, he said the National Assembly was determined to ensure that the cost was reduced to a tolerable level in the course of the passage of the new Petroleum Industry Bill (PIB) presently before it.
Lawan made the disclosure, on Thursday, while playing host to a delegation of Oil Producers Trade Section (OPTS).