ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
Home National

NNPC targets $20 per barrel crude production cost

18th June 2019
in National
0
0
SHARES
36
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT

Uche Usim, Abuja

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru on Tuesday said the management targets to reduce crude oil production cost from the current $27 per barrel to $20 in its strategic effort to deliver best value for the country.

Baru made the disclosure in Abuja while hosting the executive members of the Nigerian Union of Journalists (NUJ) led by its National President, Mr Chris Isiguzo.

According to him, the Corporation has recorded stable crude oil production level, which now averages at around 2.3 million barrels per day.

While soliciting the firm support and cooperation of the NUJ, the NNPC boss said the national oil company was working assiduously to meet the goals of the Economic Recovery and Growth Plan (ERGP), which is government’s policy vehicle to move to the economy to the next level.

Baru said: “We will work hard to meet the ERGP goals. And we’re focused on increasing oil and gas production and condensate.

“When we came in about three years ago, daily production was about a million barrels per day. Now, it’s 2.1 million barrels but as at this morning, we’re 2.3 million bpd. This stability and ability to push productions spring from good relationship with have with host communities and internal cohesion.

On gas production, Baru said the NNPC via its subsidiary, the Nigerian Petroleum Development Company (NPDC) has increased from 400 million cubic feet to 1.5 million cubic feet.

On the Direct Sale Direct Supply (DSDP) approach to crude sales and products import, the NNPC NJ passed said Nigeria saved N1.2 billion in one year using that template.

He added: “Our transparency fetched us $.3.6 billion worth of foreign direct investment in 2017. In 2018, it was $3 billion, while in 2019, we have recorded $7 billion so far”.

The NNPC GMD also urged the media to help it in the fight against illegal refineries and products diversion.

“We have to remind the illegal refiners that they’re doing more harm. The crude is cooked poorly, spills in the waters, kills aqua life, causes acidic rain and impoverishes the people.

“It constitutes grave health hazard. Look at the spot all over Port Harcourt. It’s from the activities of the illegal refineries.

“We also have to warn the crooks involved in product diversion/smuggling to stop it because it’s bleeding our economy. “Some do it with 50-litre jerry cans via motorcycles. Within few shuttles, a truck is drained and these smugglers use the porous borders. Petrol is N390 per litre in Cameroon, in Chad it is N350/litre

N310 a litre in Ghana and so on.

Kindly help us expose these criminals. If 10 million litres is taken outside Nigeria, it is N2 billion that has bled out of our economy.

“These criminals and those colluding with them must be exposed. It’s not our job to secure borders but to ensure energy security, which we shall always do”, Baru stated.

Responding, the National President of NUJ, Mr Chris Isiguzo said the visit was to congratulate the GMD on his honour bestowed on him at the World Press Freedom Day Awards.

Isiguzo also urged the NNPC to look into the plight of host communities with a view to guaranteeing uninterrupted crude production.

He further appealed to security agencies and traditional rulers of host communities to protect oil installations in the interest of the country.

Tags: $20 per barrelcrude production costnnpc
Cyril

Cyril

Related Posts

Police rescue man kidnapped in Osun
National

Lagos police arrest 50 members of ‘One Million Boys’ gang

1st December 2019
Atiku to Buhari: You‘ll kill Nigeria with loans
National

Atiku to Buhari: You‘ll kill Nigeria with loans

1st December 2019
Use forensic audit opportunity to clean NDDC, Ekpenyong advises Akpabio
National

Use forensic audit opportunity to clean NDDC, Ekpenyong advises Akpabio

1st December 2019
Next Post
hockey

2019 Hockey Super League: Plateau  Queens beat  Heartland Queens 1-0

Police arrest 90 suspected criminals in Kano

IGP to partner Gani Adams to tackle rising insecurity

Sanwo-Olu seeks Buhari’s support for Lekki, Badagary ports

Sanwo-Olu seeks Buhari’s support for Lekki, Badagary ports

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result

Highlights

Use forensic audit opportunity to clean NDDC, Ekpenyong advises Akpabio

Niger LG polls: APC sweeps 22, PDP wins 1, 2 declare inconclusive

Retired AIG warns NASS against Hate Speech bill

No, we’re not recruiting ex-terrorists into the military – DHQ

EFCC told to come clean on status of charges against Diezani, others

Lagos-Ibadan Expressway: FG opens Kara Bridge to traffic

Trending

24 Ebonyi Assembly members-elect get INEC’s certificates of return
Cover

Breaking News: Taraba Assembly Speaker resigns

1st December 2019
0

  Sylvanus Viashima, Jalingo The Speaker, Taraba State House of Assembly, Mr Abel Peter Diah, on Sunday evening...

Police rescue man kidnapped in Osun

Lagos police arrest 50 members of ‘One Million Boys’ gang

1st December 2019
Atiku to Buhari: You‘ll kill Nigeria with loans

Atiku to Buhari: You‘ll kill Nigeria with loans

1st December 2019
Use forensic audit opportunity to clean NDDC, Ekpenyong advises Akpabio

Use forensic audit opportunity to clean NDDC, Ekpenyong advises Akpabio

1st December 2019
Benue guber: CSO harps on peaceful election

Niger LG polls: APC sweeps 22, PDP wins 1, 2 declare inconclusive

1st December 2019
The Sun Nigeria

Follow us on social media:

Categories

  • Abuja Metro (785)
  • Arts (150)
  • Broken Tongues (139)
  • Business (12,931)
  • Business Week (90)
  • Cartoons (70)
  • Citizen Joe (28)
  • Columns (7,266)
  • Cover (24,584)
  • Culture (39)
  • Duro Onabule (144)
  • Editorial (1,649)
  • Education Review (1,201)
  • Effect (378)
  • Elections (2,739)
  • Entertainment (2,320)
  • Events (102)
  • Features (3,603)
  • Femi Adesina (4)
  • Food & Drinks (143)
  • Frank Talk (99)
  • Funke Egbemode (108)
  • Gallery (7)
  • Health (1,678)
  • Insights (150)
  • Kalu Leadership Series (47)
  • Kunle Solaja (3)
  • Kunle Solaja (23)
  • Letters (148)
  • Lifeline (1,770)
  • Lifestyle (242)
  • Literary Review (655)
  • Marketing Matters (47)
  • Muiz Banire (2)
  • National (56,262)
  • News (1,657)
  • Offside Musings (46)
  • Opinion (4,077)
  • oriental news (782)
  • Politics (10,605)
  • Press Release (4)
  • PressClips (185)
  • Public Sphere (136)
  • Ralph Egbu (162)
  • Shola Oshunkeye (23)
  • Sideview (1)
  • South-west Magazine (816)
  • Sponsored Post (1)
  • Sporting Sun (5,551)
  • Sports (10,366)
  • Sun Girl (1,039)
  • Tea Time (27)
  • The Flipside – Eric Osagie (73)
  • The Sun Awards Live (67)
  • The Sun TV (103)
  • Thoughts & Talks (30)
  • Time Out (167)
  • Today's cover (177)
  • Tola Adeniyi (63)
  • Travel (78)
  • Travel & Tourism (153)
  • Trending (82)
  • TSWeekend (1,321)
  • Turf Game (133)
  • Uncategorized (9)
  • Updates (106)
  • Views from Abroad (56)
  • Voices (133)
  • World (16)
  • World News (6,447)
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.