The Nigerian National Petroleum Corporation (NNPC) on Wednesday, announced a drop in crude oil revenue of about $1.23 billion (N191 billion) due to a drop in crude oil production for the first quarter of 2013.
This is sequel to the crude oil theft and pipeline vandalism that have continued to take a toll on Nigeria’s economy.
Also, oil giant Shell Petroleum Development Company of Nigeria Limited (SPDC) has shut down the Nembe Creek Trunkline (NCTL), deferring the production of 150,000 barrels of crude oil per day to repair leaks caused by crude oil thieves.
Announcing the drop in crude production in a statement last night, the acting Group General Manager, Public Affairs Division, at the corporation, Tumini Green, said daily crude oil production, which had stabilised at 2.4mbpd, has fluctuated between 2.1 and 2.3 million barrels per day (mbpd) compared with the projected estimate of 2.48mbpd.
Mrs. Green explained that the fall between actual production and forecast in first quarter 2013 had resulted in a drop in crude oil revenue of about $1.23 billion (N191 billion) that should have accrued to the Federation Account.
She further explained that the NNPC/SPDC JV recently declared a force majeure on Bonny Crude due to incessant crude oil theft, which had resulted in the shut in of 150,000 bpd.