Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Energy

NNPC, only Nigerian company to cut losses by N800 billion in one financial year – GMD

Abiola Odutola by Abiola Odutola
November 21, 2020
in Energy
NNPC Towers, Abuja, Glencore- NNPC scandal: Ex-Trader paid $300,000 bribe to government official’s election campaign
Share on FacebookShare on TwitterShare on Linkedin

The Nigerian National Petroleum Corporation (NNPC) is allegedly the only company in Nigeria that has cut its losses within one financial year by N800 billion.

This was disclosed by its Group Managing Director, Mele Kyari, via the corporation’s Twitter handle on Saturday.

According to Kyari, NNPC has improved efficiency by cutting its losses by 97% within a financial year.

RelatedPosts

Oil marketers threaten massive fuel scarcity by next week, deny FG’s N74 billion payment claim

Shell pauses Nigerian onshore divestment pending outcome of court case

READ: House of Reps summon Emefiele, NNPC GMD over unremitted N3.24 trillion

He said, “We went ahead & published the 2019 audited report & were able to learn and cut cost & became more efficient.

“There is no company in the country which has cut its losses within one financial year by N800bn. We have improved efficiency by cutting 97% in our losses.

READ: Brent crude price fails to remain over $40, concerns over pledge cut strengthens

“These are truly difficult times for our Industry. But I am proud to say that we were able to maintain our obligations to the Federation Account for seven months without any fail despite the huge impact of the #COVID-19 pandemic on the oil and gas industry.”

GMD @MKKyari: “We went ahead & published the 2019 audited report & were able to learn and cut cost & became more efficient. There is no company in the country which has cut its losses within one financial year by N800bn. We have improved efficiency by cutting 97% in our losses" pic.twitter.com/HJiOT29VED

— NNPC Group (@NNPCgroup) November 21, 2020

What you need to know

Some months ago, Nairametrics had reported when NNPC disclosed some measures being taken to bring down the cost of crude oil production to $10 per barrel or below.

READ: Hotels in Nigeria are on the verge of collapse

According to a press statement that was signed by NNPC’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, this was disclosed by the Corporation’s Chief Operating Officer (COO), Ventures and Business Development, Mr. Roland Ewubare, on a Channels TV breakfast programme on Friday, June 5, 2020.

Ewubare pointed out that the peculiarity of the terrain was an important factor in determining cost, with such issues as pipeline vandalism, crude oil theft, and some others being critical factors peculiar to the Nigerian terrain that would definitely drive up crude oil production cost in the country.

Related

Tags: Business NewsMallam Mele KyariNational Petroleum Corporation (NNPC)Nigeria News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • This is Bitcoin’s worst quarter in 11 years
    • Despite Reports, El Salvador Doubles Down on Bitcoin Bet to the Tune of $1.5 Million
    • US government places $100,000 bounty on “cryptoqueen”, Ruja Ignatova, for $4 billion crypto scam

    Follow us on social media:

    Recent News

    Bitcoin falls against Russia-Ukraine war

    This is Bitcoin’s worst quarter in 11 years

    July 1, 2022
    Bitcoin takes off as El Salvador adopts it as legal tender

    Despite Reports, El Salvador Doubles Down on Bitcoin Bet to the Tune of $1.5 Million

    July 1, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com