Home NEWSLETTER NNPC to Suspend Proposed Projects Over Oil Price Slump

NNPC to Suspend Proposed Projects Over Oil Price Slump

The Nigerian National Petroleum Corporation (NNPC) will not be embarking on some of its proposed projects until curde oil prices get to a threshold that has been set by the corporation, the Minister of State for Petroleum Resources and Group Managing Director, Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu, said on Monday.

While stating that the NNPC has engaged oil majors in the country on the need to cut their operational costs, he disclosed that the corporation has also succeeded in cutting down its own operational cost, a development that has led to the reduction of its monthly losses from N185bn to N12bn over four months.

He observed that although member countries at the last meeting of the Organisation of Petroleum Exporting Countries projected that oil prices would start to rise from February next year, they decided to allow market forces to determine crude prices for a while.

In the spirit of cutting costs, Kachikwu said the corporation and its subsidiaries would adopt an integrated security model and would increase the speed of the delivery of tasks.

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