Tag: Mele Kyari on crude oil production cost

Why Nigeria Cannot Introduce Subsidy On Diesel – NNPC

Abibat Babalola

It is regrettable that Nigeria’s petroleum refineries are not working and the possibility of introducing subsidies on Automotive Gas Oil, also known as diesel, is unlikely, the Federal Government has said. The Chief Executive Officer (CEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, who made this known in Abuja on Tuesday stated that the government cannot afford the payment of subsidies on diesel. He made the comments while appearing before the House of Representatives Committee on Downstream, alongside the CEO of Nigerian Midstream and Downstream Petroleum Regulatory…

Read More

Production cost scam: Mass oil contracts, projects’ cancellations loom in Nigeria

Efe Wellington

Head of Nigeria’s oil corporation reveals how oil companies swindle the system of millions of dollars through production cost padding, vows recalcitrant firms may be shown way out   Nigeria, Africa’s biggest crude oil exporter, says it uncovered sharp practices by oil firms and contractors who pad oil production cost with frivolous claims and charges, fleecing the country of millions of dollars daily even before the commodity is produced. Oil production in Nigeria is between $18 and $23 per barrel compared to between $1 and $4 per barrel in Saudi…

Read More