Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu has described $30 currently spent by oil companies to produce one barrel of crude oil in Nigeria as too high.
According to him, the amount should be reduced in view of the current low price regime in the international market.
The NNPC boss who spoke at a luncheon organised in his honour by the Petroleum Club in Lagos, Kachikwu explained that the high cost of producing oil and gas in the country was caused by NNPC’s poor asset management, adding that one of the legacy issues that faced the current administration was alleged excessive corruption at the NNPC, and the Ministries of Petroleum and Defence., noting that NNPC was operating at a huge loss during the period of low price regime.
