Oil production cost to crash as FG approves Snake Island Port

 


Nigeria’s oil production cost which is said to be one of the highest in the world at $30 per barrel is to set for a crash as the Federal Government has approved the commencement, expansion and development of Snake Island Port which is expected to reduce the cost of oil production in the country. The port will serve as a hub for oil and gas logistics and supply services, providing a platform for the efficient movement of goods and services in and out of the country.

The development of Snake Island Port is expected to create over 10,000 direct and indirect jobs, boost the economy and increase the competitiveness of Nigeria’s oil and gas industry in the global market.

The port will also enhance the country’s capacity to export crude oil and other petroleum products, while reducing the cost of logistics and supply services in the industry. This is expected to translate into lower production cost per barrel of crude oil and improve the profitability of oil companies operating in the country.

The approval of the Snake Island Port project is a step in the right direction for Nigeria’s oil and gas industry, as it will help to address some of the challenges facing the industry and improve its competitiveness in the global market.


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