Nigerian State oil firm says saved $2bn with cheaper contracts

Nigeria's state oil company has saved $2-billion in the past year by renegotiating its upstream servicing contracts, it said in a statement on Tuesday, as it tries to reduce high overheads. The Nigerian National Petroleum Corporation (NNPC) is attempting to revive the oil industry on which the country's economy depends, and which the government relies on for roughly two-thirds of its revenue.