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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.

Doowe Samad
Doowe Samad

We are a leading supplier and distributor of Liquefied Petroleum Gas (LPG) in Nigeria, allowing customers to use LPG gas to power their homes and businesses. Our company is an expert in LPG procurement and commissioning, bulk gas storage, cylinder filling and storage, LPG transport and delivery, installation, and maintenance.

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