, CLARA NWACHUKWU and FEMI ADEKOYA, he talks about a wide range of issues bordering on oil licensing, compliance with production quotas, gas-to-power, as well as other regulatory issues.
Even at very low oil price, our cost of production per barrel is still very high and the government has for so long said it would address the situation, but that is not happening yet. What is DPR going to do in this regard? In DPR, there is a unit called economic value and bench-marking. We developed a solution like software which would aggregate the cost. By law, every company, every year will come and make presentations to us about their work programme and under this work programme, we take cognizance to ask who spent what, which we use to develop the economic value and benchmarking.
Well, I do not know what ExxonMobil or Total did, but I can tell you that the industry is very active, and why do I say this? At present, the industry is maturing and you know that the last time we did license was around 2007 and people invested, people paid bonuses and developed the fields. Right now, what the industry is doing is to see how they revamp and upgrade the fields. There is no international oil company that does not have de-bottlenecking, upgrading or deeper-drilling.
Secondly, all the known active dormant fields were identified and we asked why are they dormant. Take for example, for an IOC, if a field that is discovered, the risk reserves is 50 million or 40 million barrels, it will be too marginal for Shell to go because of their overhead cost.
We already know the whole world is facing it