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