Lagos — The Minister of State for Petroleum Resources, Timipre Sylva has vowed to work with the new board members of the state-owned oil firm, NNPC to reduce the cost of crude oil production.
Sylva made the promise while assuring President Muhammadu Buhari on Sunday, that the Federal Ministry of Petroleum Resources would work with the board to deliver on the objectives of the oil industry.
According to him, the objectives include bringing down the cost of production of crude oil, eliminating vandalism, improving the national crude oil reserve and passage of the Petroleum Industry Bill.
In his capacity as minister of state, Sylva is the Alternate Chairman of NNPC Board and the membership of the board includes the Group Managing Director of NNPC and Permanent Secretary of the Federal Ministry of Finance.
President Buhari had on Saturday approved the reconstitution of the Board of the Nigerian National Petroleum Corporation, after the expiration of the term of the board members appointed in 2016.
Members of the new Board are Mohammed Lawal (North West), Tajudeen Umar (North East), Adamu Mahmood Attah (North Central), Senator Magnus Abe (South-South), Dr. Stephen Dike (South East), and Chief Pius Akinyelure (South West).
In a statement by Special Adviser to the President, Media and Publicity, Femi Adesina on Saturday, the new board will be in place for three years.