Nigeria cuts production costs to $23 per barrel, report says

Nigeria news
Nigeria news

Nigeria’s state oil company said the company’s production costs had been trimmed to $23 per barrel, down from $29 in July, a news report said.

Three weeks ago the government approved a state petroleum policy.

It set the price at $29, one of the highest levels in the world, Reuters reported.

In providing its update yesterday, the Nigerian National Petroleum Company did not say how it had managed to lower costs.

The company now aims lower costs further to $19 for offshore production.

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