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Sunday, August 20, 2017
Nigeria’s state-run NNPC revealed that is production cost per barrel of crude oil now at $23, down from $29 per barrel. The company’s per barrel price last month, at $29 per barrel, was one of the highest in the world.
The NNPC “has driven down the cost of crude oil production from $78 dollars per barrel as at August 2015 to $23 per barrel representing a 70.5% reduction,”the company said, while not revealing exactly how that was done.
The NNPC now aims “to bring the cost of production to between $17 and $19 for onshore and offshore production respectively,” it said.
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