oil

Nigeria losses $700 million monthly due to oil theft – NNPCL

NEWS DIGEST – The Nigerian National Petroleum Company Limited (NNPCL), on Sunday, disclosed that Nigeria lost 470,000 bpd of crude oil approximated to $700 million monthly due to oil theft.

According to a statement released by Bala Wunti, the Group General Manager, National Petroleum Investment Management Services (NAPMS), the pipelines especially those around the Bonny terminal cannot yield a positive impact due to the actions of criminals.

He said this while speaking during a tour of the facilities of the NNPCL.

“If you’re producing 30,000 barrels a day, every month, you get 1,940 barrels. So what it means is that you can take it to 270 every four days, calculate it in a month; you will have seven cargos on a million barrels, that’s seven million barrels.

“When you multiply seven million barrels by $100 that is $700 million lost per month, and about 150,000 barrels expected are differed; we are not producing due to security challenges.

“The Shell Petroleum Company (SPDC) trunk line, TNP transnational pipeline cannot be operated and this has been like this since March the 3rd that we put in this. Just take your calculator, 150,000, it means if you want to arrive at 1 million barrels per day, it means every week as a minimum, basically for one week alone, it’s four cargo and four cargo is four million barrels.

“Four million barrels formula bar or $100 is $400 million. So you can do your calculations by yourself, take whatever price you want, take this to multiply by the number of days that have been shortened since March 3rd.”

latest nigerian news online