NNPC CUTS DOWN CRUDE PRODUCTION COST TO 20 DOLLARS PER BARREL

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

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

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

The corporation 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, who disclosed these in Abuja, noted that the reduction in crude production cost would lead to an increase in the Federal Government’s revenue.

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