The Federal Government, through the Nigerian National Petroleum Company Limited (NNPCL), says it is implementing aggressive cost-cutting measures aimed at saving the oil and gas industry between $3 billion and $4.5 billion in operational expenses this year.
Group Chief Executive Officer of NNPCL, Bayo Ojulari, disclosed this on Thursday in Lagos during a keynote address at the Nigerian Association of Petroleum Explorationists’ 50th anniversary celebration. He was represented by the company’s Executive Vice-President, Upstream, Udobong Ntia.
Ojulari explained that a cost-optimisation roadmap, drawn up over the past six months, could push the savings target to $4.5 billion by December 2025. He noted that this initiative aligns with a broader national goal to attract $30 billion in fresh oil and gas investments over the next two years, and $60 billion by 2030, in line with a presidential directive.
“We’re taking another look at optimising our costs; we’re driving costs down. In the past three to six months, we have put up a roadmap to save about $3 billion, which happens by the end of December, and we’re set to up that to about $4.5 billion off our normal costs,” he said.
