NNPC saves $3b yearly from production cost cut.

The Nigerian National Petroleum Corporation (NNPC) yesterday announced that it has saved the nation a minimum of $3billion yearly from the reduction in the cost of crude oil production.

According to the corporation’s statement, it has driven down the cost of crude oil production from $78 per barrel as at August 2015 to $23 per barrel, representing 70.5 per cent reduction. The Group General Manager of the National Petroleum Investment Management Services (NAPIMS), a unit of NNPC, Dafe Sejebor, disclosed this during the inauguration of the unit’s Anti-Corruption Committee.

Sejebor said NAPIMS arrived at the figure after looking at the difference between the $78 and $23, which represents the old and new cost of production in relation to the present daily average production in the country.  Read more