#Country Updates #News #Nigeria #Upstream Oil & Gas News

NNPC rallies industry stakeholders for upstream cost optimization

The Nigerian National Petroleum Corporation (NNPC) has called on stakeholders in the oil and gas industry to join in working towards reducing operations cost to achieve the $10 or less per barrel production cost target.

A press release by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, stated that the Group Managing Director of NNPC, Mallam Mele Kyari, made the call Tuesday at the launch of the Nigerian Upstream Cost Optimisation Programme (NUCOP) which held at the NNPC Towers.

Speaking at the event, the NNPC boss said the current reality dictated by the global energy transition and demand erosion occasioned by the Covid-19 pandemic has made cost optimization imperative.

“It is in our informed interest to optimize our cost of production. The realities of energy transition and investor choices are very much clear to us. There is nowhere in this world where a less cost-efficient operator can survive today,” the GMD posited.

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Source: SweetCrudeReports

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