NNPC Committed To Production Cost Reduction, Remaining Competitive

Its bid to remain competitive in the oil and gas Industry and deliver value to all Nigerians, the Nigerian National Petroleum Corporation (NNPC) has again pledged its commitment to bringing down the unit cost of oil production in the country to $10 per barrel. Dr. Kennie Obateru, the Group General Manager, Group Public Affairs Division, in a statement quoted the Group Managing Director of the Company, Mallam Mele Kyari, as making the pledge during the 20th Nigeria Oil and Gas Conference (NOG) themed: “Fortifying the Nigerian Oil & Gas Industry for Economic Stability & Growth” which held virtually. Kyari projected that the global demand in the oil and gas industry would remain suppressed substantially till the end of 2020 but, however, noted that despite all the forecasts, oil would continue to play a significant role in the energy mix till 2050.