NNPC: Secures $2Billion Discounts on Renegotiated Upstream Contracts

The Nigerian National Petroleum Corporation, NNPC, has secured $2billion discounts in the last one year from renegotiated Upstream contracts being executed by its various service providers.

The Corporation said the feat was achieved in the quest to continually drive down the high cost of production in the industry.

This was made known today by NNPC Group Managing Director, Dr. Maikanti Baru, in a podcast message to the Corporation’s Staff to mark One-Year Anniversary of his appointment as the Corporation’s helmsman.

Dr. Baru, who took over the mantle of leadership of NNPC from the Honourable Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, July 4 2016, said already NNPC had lowered operating costs of production from $27/barrels to $22/barrels.

“For the Upstream, cost reduction and efficiency are key features that we will pay attention to”, Dr. Baru stated in the 25-minute podcast.

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