“In times of low oil price, market indices have shown that solid minerals, especially gold, can provide an alternative revenue source to the federation.” Nigeria OilProduction
The corporation’s Group Managing Director, Mele Kyari, in a report in Abuja, stated that the operating cost across the nation’s upstream production remained unacceptable.
The rate is highest in the United Kingdom where it stands at about $44.33 , and lowest in Saudi Arabia at $8.98. Nigeria is believed to be the third highest at $28.99 after Brazil, which produces at $34.99. In Iran, the figure is only $9 and $10 in Iraq. With the 2020 budget being repeatedly reviewed due to the shocks at the international oil market, the NNPC boss disclosed that some participating companies in the production sharing contracts still operate above the targeted $10 per barrel.
Kyari stated that the nation’s oil prices have gone down to sub-$10 per barrel due to the economic impact of the novel coronavirus, worsened by crude oil supply and demand imbalances.
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