{"id":16590,"date":"2017-08-17T13:21:47","date_gmt":"2017-08-17T12:21:47","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=16590"},"modified":"2017-08-17T13:21:47","modified_gmt":"2017-08-17T12:21:47","slug":"nnpc-saves-3b-yearly-production-cost-cut","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nnpc-saves-3b-yearly-production-cost-cut\/","title":{"rendered":"NNPC saves $3b yearly from production cost cut"},"content":{"rendered":"

The Nigerian National Petroleum Corporation (NNPC) yesterday announced that it has saved the nation a minimum of $3billion yearly from the reduction in the cost of crude oil production.<\/p>\n

According to the corporation\u2019s statement, it has driven down the cost of crude oil production from $78 per barrel as at August 2015 to $23 per barrel, representing 70.5 per cent reduction. The Group General Manager of the National Petroleum Investment Management Services (NAPIMS), a unit of NNPC, Dafe Sejebor,\u00a0 disclosed this during the inauguration of the unit\u2019s Anti-Corruption Committee.<\/p>\n

Sejebor said NAPIMS arrived at the figure after looking at the difference between the $78 and $23, which represents the old and new cost of production in relation to the present daily average production in the country.<\/p>\n

He said: \u201cIf you knock down your cost of production from $78 per barrel to $23, take the difference and multiply by the average daily production, you will discover that we are saving a minimum of $3billion in the upstream for both Production Sharing Contracts (PSCs) and Joint Ventures (JVs).\u201d<\/p>\n

The GGM said the target was to bring the cost of production to between $17 and $19 for onshore and offshore production respectively.<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

He commended the Federal Government for its support to the NNPC management in tackling the challenges in the petroleum industry, especially the cash call exit agreement signed in 2016 and the reduction of contracting circle from three years to six months.<\/p>\n

On the new Petroleum Policy,\u00a0 Sejebor said it was necessitated by the increasing difficulty in operating the industry within the framework of the old Petroleum Act in the face of the delayed passage of the Petroleum Industry Bill (PIB).<\/p>\n

He said the policy would restore investors confidence in the industry pending the full passage of the entire PIB by the National Assembly. Nation<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The Nigerian National Petroleum Corporation (NNPC) yesterday announced that it has saved the nation a minimum of $3billion yearly from the reduction in the cost of crude oil production. According to the corporation\u2019s statement, it has driven down the cost of crude oil production from $78 per barrel as at August 2015 to $23 per …<\/p>\n","protected":false},"author":6,"featured_media":13486,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23],"tags":[188],"coauthors":[2391],"class_list":["post-16590","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","tag-nnpc"],"yoast_head":"\nNNPC saves $3b yearly from production cost cut - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/nnpc-saves-3b-yearly-production-cost-cut\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NNPC saves $3b yearly from production cost cut - National Wire\" \/>\n<meta property=\"og:description\" content=\"The Nigerian National Petroleum Corporation (NNPC) yesterday announced that it has saved the nation a minimum of $3billion yearly from the reduction in the cost of crude oil production. According to the corporation\u2019s statement, it has driven down the cost of crude oil production from $78 per barrel as at August 2015 to $23 per …\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/nnpc-saves-3b-yearly-production-cost-cut\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2017-08-17T12:21:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/05\/Ibe-Emmanuel-Kachikwu-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Friday Ekeoba\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/nnpc-saves-3b-yearly-production-cost-cut\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/05\/Ibe-Emmanuel-Kachikwu-2.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/05\/Ibe-Emmanuel-Kachikwu-2.jpg\",\"width\":700,\"height\":400},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/nnpc-saves-3b-yearly-production-cost-cut\/#webpage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/nnpc-saves-3b-yearly-production-cost-cut\/\",\"name\":\"NNPC saves $3b yearly from production cost cut - National Wire\",\"isPartOf\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/nnpc-saves-3b-yearly-production-cost-cut\/#primaryimage\"},\"datePublished\":\"2017-08-17T12:21:47+00:00\",\"dateModified\":\"2017-08-17T12:21:47+00:00\",\"author\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\"},\"breadcrumb\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/nnpc-saves-3b-yearly-production-cost-cut\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nationalwire.com.ng\/sub\/nnpc-saves-3b-yearly-production-cost-cut\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/nnpc-saves-3b-yearly-production-cost-cut\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nationalwire.com.ng\/sub\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"NNPC saves $3b yearly from production cost cut\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\",\"name\":\"Friday Ekeoba\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"NNPC saves $3b yearly from production cost cut - National Wire","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nationalwire.com.ng\/sub\/nnpc-saves-3b-yearly-production-cost-cut\/","og_locale":"en_US","og_type":"article","og_title":"NNPC saves $3b yearly from production cost cut - National Wire","og_description":"The Nigerian National Petroleum Corporation (NNPC) yesterday announced that it has saved the nation a minimum of $3billion yearly from the reduction in the cost of crude oil production. According to the corporation\u2019s statement, it has driven down the cost of crude oil production from $78 per barrel as at August 2015 to $23 per …","og_url":"https:\/\/nationalwire.com.ng\/sub\/nnpc-saves-3b-yearly-production-cost-cut\/","og_site_name":"National Wire","article_published_time":"2017-08-17T12:21:47+00:00","og_image":[{"width":700,"height":400,"url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/05\/Ibe-Emmanuel-Kachikwu-2.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"Friday Ekeoba","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/nationalwire.com.ng\/sub\/#website","url":"https:\/\/nationalwire.com.ng\/sub\/","name":"National Wire","description":"About Nigerians, Nigerian Business and Other Stories","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nationalwire.com.ng\/sub\/nnpc-saves-3b-yearly-production-cost-cut\/#primaryimage","url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/05\/Ibe-Emmanuel-Kachikwu-2.jpg","contentUrl":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/05\/Ibe-Emmanuel-Kachikwu-2.jpg","width":700,"height":400},{"@type":"WebPage","@id":"https:\/\/nationalwire.com.ng\/sub\/nnpc-saves-3b-yearly-production-cost-cut\/#webpage","url":"https:\/\/nationalwire.com.ng\/sub\/nnpc-saves-3b-yearly-production-cost-cut\/","name":"NNPC saves $3b yearly from production cost cut - National Wire","isPartOf":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#website"},"primaryImageOfPage":{"@id":"https:\/\/nationalwire.com.ng\/sub\/nnpc-saves-3b-yearly-production-cost-cut\/#primaryimage"},"datePublished":"2017-08-17T12:21:47+00:00","dateModified":"2017-08-17T12:21:47+00:00","author":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927"},"breadcrumb":{"@id":"https:\/\/nationalwire.com.ng\/sub\/nnpc-saves-3b-yearly-production-cost-cut\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/nationalwire.com.ng\/sub\/nnpc-saves-3b-yearly-production-cost-cut\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/nationalwire.com.ng\/sub\/nnpc-saves-3b-yearly-production-cost-cut\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/nationalwire.com.ng\/sub\/"},{"@type":"ListItem","position":2,"name":"NNPC saves $3b yearly from production cost cut"}]},{"@type":"Person","@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927","name":"Friday Ekeoba","url":"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/"}]}},"_links":{"self":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/16590","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/comments?post=16590"}],"version-history":[{"count":1,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/16590\/revisions"}],"predecessor-version":[{"id":16591,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/16590\/revisions\/16591"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media\/13486"}],"wp:attachment":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media?parent=16590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/categories?post=16590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/tags?post=16590"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/coauthors?post=16590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}