With its current unit cost across all operating terrains averaging between $9 and $22 per barrel, thesays it has set an oil production cost target ceiling of $10 per barrel by 2021.
With crude oil prices taking an unprecedented nose-dive from about $60 per barrel in February 2020, to less than $13 in April , Mr Kyari said there need to put a halt to the rising cost and begin to do things differently. Although he said the corporation was still reviewing the achievement to understand the factors responsible for such a phenomenal milestone during a crisis, observers have attributed it to the reduced activities of vandals and oil thieves, which may result in increased crude oil flow into the system during the period.
“With such people, the meaning is that we are paying about three times more than what we should. But, I can assure you, at any cost, we will take steps to bring this cost down so that our country will benefit and the oil industry will become a profitable business for the 200 million Nigerians, and not just a fragment of the society that is committed to spare nothing to frustrate our efforts,” he said.
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