Oil com­pany saves on costs

The Star Early Edition - - INTERNATIONAL -

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

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