The Nigerian National Petroleum Corporation, NNPC, has said it has saved the country over $3 billion annually, since August 2015 and had been able to drag down the cost of crude oil production from $78 per barrel as at August 2015 to $23 per barrel, representing a 70.5 per cent reduction.
According to a statement by the NNPC in Abuja, Group General Manager of one of its subsidiaries, the National Petroleum Investment Management Services, NAPIMS, Dafe Sejebor, disclosed this yesterday during the inauguration of the Anti-Corruption Committee of the unit.
He disclosed that the target of the organization was to bring down the cost of crude oil production to between $17 and $19 for onshore and offshore production respectively.
Sejebor stated that NAPIMS arrived at the $3 billion savings after looking at the difference between the $78 and $23, which represented the old and new cost of production in relation to the present daily average production in the country.
He commended the Federal Government for its support to the NNPC management in tackling the challenges in the petroleum industry, especially the cash call exit agreement signed in 2016 and the reduction of contracting circle from three years to six months.
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