The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, has attributed the country’s high oil production cost to massive security investments aimed at safeguarding crude oil pipelines in the Niger Delta region.
Ojulari, who spoke in an interview with newsmen on the sidelines of the 9th Organisation of Petroleum Exporting Countries International Seminar in Vienna on Thursday, said Nigeria’s current cost of crude production had surged to as high as $30 per barrel, more than double the global average.