The Group Managing Director of the NNPC, Mallam Mele Kyari, said on Thursday that the national oil firm had sustained operations despite disruptions and slowdown in economic activities.
Kyari, in a presentation to journalists on Thursday, said revenue flow had been greatly impacted by the oil price decline of about 65 per cent. “Instead, the NNPC has taken aggressive capital allocation to prioritise low-cost oil production and additional measures to ensure cost discipline including renegotiation of contracts downwards and other business obligations, thus saving 40 per cent of the proposed budget and cost.”
“It is observed that the reported performance for the first quarter of 2020 highlights the need for further costs optimisation as the UOC figures are above the target of $10 per barrel in all cases,” he added.
kupaleon 🤔
Buy 1 get 5 free!
We still have more than 20 oil laden ships without buyers and we are not thinking about other alternatives. Must the government die on this hill? Farmers are dying from herdsmen attack and we are not thinking food security?
Fulani does not have anything to offer Nigeria.
How does this affect the prize of egusi
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