File photo: Mikanti Baru
The Group Managing Director of the Corporation, Dr. Maikanti Baru made the disclosure in Abuja on Wednesday in a message to mark his one year in office.
He explained that the discount was raised as part of the quest to continually drive down the high cost of production in Nigeria’s oil industry.
Dr. Baru said that the Corporation had successfully reduced the cost of producing a barrel of crude oil from $27 per barrel to $22 per barrel.
In the upstream segment of the sector, he noted that cost reduction and efficiency were key features that the NNPC would focus its attention on.
The NNPC boss revealed that there had been a significant increase in crude oil reserves and production, putting the average national daily production at 1.83 million barrels of oil and condensate.
Before he turned himself in to the police, the monarch spoke to journalists, insisting on…
The vehicle had been heading from neighbouring Botswana to Moria in the north of the…
The apex bank said the new minimum capital base for commercial banks with national authorisation…
The Urhobo leader called for an independent probe into the circumstances that led to the…
The thought leader noted that thriving democracies in the world practice parliamentary democracy.
By the presidential pronouncement, Abdullahi Bello replaces Aliyu Kankia, who has been the acting Chairman…