A minister-designate and Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu has said the $30 currently spent by oil companies to produce one barrel of crude oil in Nigeria is too high and should be reduced in view of the current low price regime.Speaking at a Luncheon organised in his honour by the Petroleum Club in Lagos at the weekend, Kachikwu stated that asset management by the NNPC was so poor that the state-run oil company had relied only on information provided by the international oil companies (IOCs).
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