The Group Managing Director, BRADE Group, Ese Avanoma, has lamented the high cost of crude oil production in Nigeria.
Avanoma said his company would bring in new technologies in a bid to reduce the cost of producing a barrel of oil in the country.
He also advised the Federal Government to review some of the policies in oil and gas industry so as to enhance the ease of doing business.
“The oil industry has undergone major reviews in the past few years; cost is one of the major drivers. We will bring in new technologies and adapt them to the Nigeria environment to see how they can reduce the cost of producing a barrel of oil here,” he was quoted in a statement as saying on the sidelines of the Nigeria International Petroleum Summit in Abuja.
Avanoma said local content needed to be further strengthened and supported, adding that other policies in the industry should be looked at and reviewed to boost the ease of doing business.
He said the government should work towards reducing the red tape in the industry which he said had increased.
According to him, BRADE Group has six subsidiaries operating across Nigeria, Ghana and Uganda.
“We are into drilling and completion of oil and gas wells, heavy equipment to service the oil industry, manufacture of chemicals and new technology adaptation in Nigeria,” he said.