The Nigerian National Petroleum Corporation (NNPC) Monday, said it has brought down the cost of producing a barrel of crude oil to $20, even as it now targets producing the black gold at $15 per barrel.
NNPC Group Managing Director, Dr. Maikanti Baru, stated this in Abuja during the NNPC Day at the ongoing Technology and Innovation Expo 2018. He attributed the feat to the impact of science, technology and efficient work processes, saying the mileage would enable more revenue generation to the federal government.
Represented by the Chief Operating Officer (COO), Gas and Power, Engr. Saidu Mohammed, Dr Baru noted that the NNPC had been innovative and efficient in its various operations to drive down the cost of production of crude oil and gas.
According to him, the corporation had succeeded in domesticating engineering, procurement, construction and most of the major activities of the oil and gas industry. “Heading to London to prepare mere tender documents for engineering, procurement and construction belonged to the distant past,” Baru said.
“Today we have fully domesticated the engineering, procurement and construction aspect of the oil and gas industry and we are working hand-in-hand with the Nigerian Content Development and Monitoring Board (NCDMB) to get Nigerians who are willing to invest and innovative to propel this country going forward to go into the ventures of fabrication where we spend the big chunk of the money in the industry” Dr. Baru added.
He said the Ajaokuta-Kaduna and Kano pipeline project, popularly referred to as AKK pipeline project, were fully domesticated in line with the local content policy of the federal government, saying Nigerians would also handle the pre-commissioning and commissioning services of the project.
He also disclosed that already the NNPC was training some Nigerians that would be fully engaged in the refineries revamp, stressing that tremendous amount of jobs and services that would be required would all be provided by Nigerians.