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NNPC Rallies Stakeholders To Achieve $10per barrel Oil production Cost

NNPC Rallies Stakeholders To Achieve $10per barrel Oil production Cost
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Cut oil production cost to survive, NNPC tells operators

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the Nigerian National Petroleum Corporation has urged operators in the nation’s oil and gas industry to cut the cost of production in order to survive in the face of the global energy transition.
The NNPC called on stakeholders in the industry to join in working towards reducing operations cost to achieve the $10 or less per barrel production cost target.
The Group Managing Director of NNPC, Mallam Mele Kyari, made the call on Tuesday at the launch of the Nigerian Upstream Cost Optimisation Programme in Abuja.
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 optimisation imperative. ....

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Nigerians react as FG alerts on fuel price increase

However, the Minister of State, Petroleum Resources, Chief Timipre Sylva, at the launch of the Nigerian Upstream Cost Optimisation Programme (NUCOP) in Abuja on Tuesday said Nigerians should brace up for higher fuel price.
The NUCOP launch was to find ways of reducing the cost of crude oil production and processing, officials said.
Sylva also said with no provision of subsidy in the 2021 budget, the Nigerian National Petroleum Corporation (NNPC) couldn’t continue to bear the cost of under-recovery.
“Since we are optimizing everything, NNPC needs to also think about the optimization of product cost because as we all know oil prices are where they are today, $60. As desirable as this is, this has serious consequences as well on product prices. ....

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Sylva: With Rising Oil Price, High Petrol Cost Inevitable

By Emmanuel Addeh
The Minister of State for Petroleum Resources, Mr. Timipre Sylva, yesterday prepared the minds of Nigerians for a higher regime of the pump price of petrol, given the new fortune of crude oil in the international market.
With the price of Brent crude oil still hovering around $60 per barrel yesterday, Sylva said a high cost of petrol will be inevitable and urged Nigerians to be ready to bear the pains of the impending new price regime.
Besides, the federal government yesterday ramped up its plan to achieve the $10 per barrel crude oil production target with the official inauguration of the Nigerian Upstream Cost Optimisation Programme (NUCOP). ....

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Identify cause of high production cost, PENGASSAN tells FG

Identify cause of high production cost, PENGASSAN tells FG
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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. ....

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