NNPCL Targets $4.5 Billion Cut in Oil Production Costs
[NigerianEye - Nigeria] - 16/08/2025
The Nigerian National Petroleum Company Limited (NNPCL) is partnering with international and domestic oil producers to slash production costs, aiming for savings of $3 billion this year and up to $4.5 billion by December 2025.Speaking at the 50th anniversary of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos, NNPCL’s Executive Vice President for Upstream, Udobong Ntia, outlined the cost-cutting strategy. “We’re re-engineering operations to lower expenses. In six months, we achieved $3 billion in savings, with a goal of $4.5 billion by year-end,” he said.Nigeria’s oil (…)
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