Nigeria State Oil Firm Says Its Production Costs Cut To $23 Per Barrel

Nigeria State Oil Firm Says Its Production Costs Cut To $23 Per Barrel

Nigeria's production cost per barrel of crude oil is down to $23, the state oil company said on Aug. 16, after the country last month said the cost was $29 a barrel, one of the highest levels in the world.

The Nigerian National Petroleum Company (NNPC) did not say in its statement how the firm had driven the cost down by $6 in the three weeks since the government's cabinet approved a national petroleum policy that put the price at $29, using data from Rystad Energy.

The state oil firm did not immediately respond to a request for comment.

The NNPC "has driven down the cost of crude oil production from $78 dollars per barrel as at August 2015 to $23 per barrel representing a 70.5% reduction," the company said.

Oil prices began crashing in 2014 and were under $78 for the whole of 2015.

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