NNPC Cuts Down Crude Production Cost To $20/ Barrel

The Nigerian National Petroleum Corporation on Monday announced that it had been able to reduce the cost of producing a barrel of crude oil to $20.

According to the corporation, additional measures have been put in place to further reduce the cost to $15 per barrel.

The NNPC had announced in August last year that it had reduced the cost of crude oil production from $78 per barrel as of August 2015 to $23 per barrel, representing 70.5 per cent reduction.

The corporation also on Monday announced that it had signed four memoranda of understanding with state governments for the production of biofuel to complement the volume of petrol being supplied across the country.

The Group Managing Director, NNPC, Maikanti Baru, disclosed these during the ongoing Science Fair in Abuja.

Baru, who was represented by the NNPC’s Chief Operating Officer, Gas and Power, Mohammed Seidu, noted that the reduction in crude production cost would lead to an increase in the Federal Government’s revenue.


(PUNCH)




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