Nigeria is to save a whopping $31.4 billion yearly on reduced cost of crude oil production, which peaked at $70 per barrel in 2014.
Speaking yesterday at the 14th Annual Aret Adams Memorial Lecture, with the theme“Find More, Produce More” held in Lagos, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr.Maikanti Baru, said the Corporation’s Unit Technical Cost (UTC) has significantly dropped from above $70 per barrel in 2014, to about $27 per barrel, as at year end 2016.That gives the country a saving of $43 per barrel daily.
