Oil company saves on costs

NIGERIA’S state oil company has saved $2 billion (R26bn) in the past year by renegotiating its upstream servicing contracts, it said in a statement yesterday, as it tries to reduce overheads. The Nigerian National Petroleum Corporation is attempting to revive the oil industry on which the country’s economy depends, and on which the government relies for about two-thirds of its revenue. Militant attacks on oil facilities last year cut production by as much as a third. – Reuters