Tuesday, February 28, 2017

NNPC secure $416,000 per day reduction



    Nigerian National Petroleum Corporation, has secured a $416,000 per day reduction, about N126.88 million daily in its deep offshore rig-rate.

   According to a statement by NNPC’s Group Managing Director, Maikanti Baru, it has successfully reduced its Unit Technical Cost from $70 per barrel of crude oil obtainable in 2014, to about $27 per barrel as at the end of 2016.
   Baru noted that the oil company had achieved a 35 per cent downward review of rig rates per day for both swamp and land operations in its portfolios.
   According to him, the various reductions serve as an incentive for investors to grow reserves, increase profitability and improve Return on Investment, adding that they also boost government revenue, thus improving government’s commitment to developmental projects across the country.

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