6 March 2018

Nigeria: NNPC - Nigeria Produces Barrel of Oil At $20

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru has said that the corporation has as at today brought down the cost of production of oil in the neighborhood of $20 per barrel.

Baru said this at the opening ceremony of the 2018 Technology Innovation Expo organized by the Ministry of Science and Technology in Abuja yesterday. The week-long expo aims to highlight the capabilities of Nigerian scientists, engineers, and inventors in contributing to economic diversification.

"The more we bring down the cost, the more the money that comes to the federal government and into the pockets of state and local governments."

"Our target is to make sure it clocks $15 and we will continue to work towards that," he said.

According to him, lot of Nigerians will be involved in all aspects of engineering, procurement and construction of key projects including the impending revamp of the country's refineries.

The GMD who was represented by NNPC's Chief Operating Officer (COO), Gas and Power, Engr. Saidu Mohammed added that every form of service before and after the repair of the four refineries was going to be provided by Nigerians.

The federal government plans to announce later this month private companies it has chosen to repair, revamp and maintain the country's ailing refineries.

Baru noted that the corporation was extending its local content presence to the 614 kilometer 40-inch Ajaokuta-Kaduna-Kano (AKK) Gas pipeline project recently approved by the Federal Executive Council (FEC) estimated to cost about 2.8 billion dollars.

"Those who are coming in to build this pipeline have it in mind that they may have to come with their mills to manufacture the line pipes right here," he said about how the project would benefit Nigerian contractors.


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