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Nigeria loses N417bn to oil production disruption in February

Nigeria’s oil industry lost an accumulated 27.3 million barrels in the month of February to production disruptions arising from pipeline vandalism, The Guardian reports.

With the current Brent crude oil price put at $50 per barrel, the country lost about $1.3 billion (N417 billion) in revenue in the month of February. This is more that the $700 million (N213.5 billion), which the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said is needed to revive the country’s ailing refineries.

In terms of daily analysis, the country lost over 975,000 barrels per day through out the month of February 2017, which amount to $48.7 million (N14.8 billion) daily to various production disruptions.

The Nigerian National Petroleum Corporation (NNPC), which made this disclosure in latest Financial Report for February, said that products theft and vandalism have continued to destroy value and put NNPC at disadvantaged competitive position.

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