NNPC cuts down crude production cost to $20/barrel, targets $15 before year end
Basking under the euphoria of the recent success of cutting down average cost of producing a barrel of crude oil to $20, the Nigerian National Petroleum Corporation (NNPC), has assured that efforts are on to further reduce the cost to $15 before the end of the year.
Analysts say further drop in the cost may mean higher income for the economy and to a very large extent, better chances of employment in the industry.
The Corporation 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.
In another development, NNPC announced that it had signed four Memoranda of Understanding (MoU) with select state governments for the production of biofuel to complement the volume of petrol being supplied across the country.
