Cost Reduction

GUPCO’s Production Averages at 57,000 bbl During FY 2019/20

Gulf of Suez Petroleum Company’s (GUPCO) daily production has averaged around 57,000 barrels (bbl) during fiscal year (FY) 2019/20, and managed 20% in cost reduction per barrel last June.

ExxonMobil to Defer Employer Match to Savings Plans

ExxonMobil Company announced that it would hang the employer match to retirement savings plans starting from October 2020.

Nigerian Oil Minister: OPEC Must Lower Production Costs

Nigerian Minister of Oil, Emmanuel Ibe Kachikwu said that Members of the Organization of the Petroleum Exporting Countries (OPEC) must lower production costs to compete better with shale producers.

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