The Nigerian National Petroleum Corporation (NNPC) has called on the government to reduce the $30 being used by oil companies in producing one barrel of oil in the country.

This was declared by NNPC’s Group Managing Director, Ibe Kachikwu at the Petroleum Club in Lagos. He stated that the corporation depended on information given to them by the International Oil Companies (IOCs) due to the poor performance of its asset management.

Kachikwu added that excessive corruption is one of the issues facing the current administration as well as the Ministry of Petroleum and Defense. “Unless the petroleum industry gets sorted out, not much can happen in the outside economy. That is a reality”, he added.

Whilst NNPC was operating at a massive loss during the decline in oil prices, Petronas and Statoil generated income of $2 billion and $16 billion respectively, the GMD said adding that the country cannot afford high costs of production with a falling oil reserves and joint venture production which dropped by 15% in the last 10 years, This Day reports.