A former Trade Union Congress president, Peter Esele, said the recent announcement of increment in fuel pump price by Petroleum Retail Outlets Owners Association of Nigeria (PETROAN) showed that the federal government is still subsidising petrol.
NNPC Rallies Stakeholders To Achieve $10per barrel Oil production Cost peoplesdailyng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from peoplesdailyng.com Daily Mail and Mail on Sunday newspapers.
Identify cause of high production cost, PENGASSAN tells FG
On
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASAN) has urged the Federal Government to identify the real cause of the high cost of crude oil production in the country.
PENGASAN President, Mr Festus Osifo, made the appeal at the inauguration of the Nigerian Upstream Cost Optimisation Programme (NUCOP), in Abuja, on Tuesday.
Osifo said that the drive to reduce the cost of crude oil production was a good initiative which the association had championed over the years.
He said that many International Oil Companies like Exxonmobil, Chevron, Total had in the past set up cost-effective initiatives team to look at the high cost of production.
Minister of Petroleum, Timipre SylvaMinister of State for Petroleum Resources, Timipre Sylva, yesterday revealed that Nigeria still spends around $30 in producing a barrel of crude oil despite the undulating price of the commodity at the international market.
Although the Federal Government has been making efforts to bring down the cost to about $10, the current cost for Joint Venture production is 300 per cent higher than the projected target. x
Speaking at the launch of the Nigerian Upstream Cost Optimisation Programme (NUCOP), in Abuja, Sylva put the figure for joint venture production at $20/barrel, and Production Sharing Contract (PSC) at about $20/barrel.
(AFRICAN EXAMINER) - The Nigerian National Petroleum Corporation (NNPC) has called on stakeholders in the oil and gas industry to join in working towards