Nigeria has lost an opportunity to produce and sell about 65,700,000 barrels of oil in the last one year due to issues bothering on pipeline vandalism and the resultant oil theft.
This translates to about N2.3tn loss in oil revenue if the prevailing exchange rate and average oil price are used.
The loss from March last year to March this year brings total shut in/loss to about 65, 700, 000 barrels. Brent crude price averaged about $83 per barrel from March 2022 to March 2023, meaning the country could have lost as much as N2.3tr to the menace. Speaking at the NIES, Okunbor said the TNP remained shut for one year due to the massive crude oil theft on the pipeline.
He said, “What keeps me awake today as regards my onshore business in Shell is the fact that we cannot operate a pipeline, and that’s what is responsible for the 60 percent capacity. I think today that is almost just how much gas we can supply,” he said.
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