The dropping oil prices have forced the Federal Government to reduce the capital budget for joint venture oil operations by 40 per cent to $8.1 billion for the fiscal year 2015.
According to Platts ( a provider of energy and metals information and a source of benchmark price assessments in the physical energy markets), “The Nigeria National Petroleum Corporation (NNPC) has informed the joint venture partners that this year’s capital expenditures will be cut down by 40 percent from the initial proposed budget of $13.5 billion.”
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