Nigeria’s daily crude oil production fell in the first quarter of 2013, fluctuating between 2.1 and 2.3 million barrels per day compared with the projected estimate of 2.48million barrels.
According to a statement released by the Nigerian National Petroleum Corporation (NNPC) on Wednesday the fall between actual production and forecast has resulted in a loss in oil revenue of about $1.23 billion that should have accrued to the federation account.
The cut in revenue was attributed to the incessant crude oil theft and vandalism along the major pipelines within the Niger delta.
150,000 barrels per day of crude oil were shut in recently after the NNPC/SPDC joint venture declared a force majeure on bonny crude.
To lose another N83 billion in May/June
Investigations by the NNPC also showed 53 break points along the 97 km Nembe creek trunk lines.
Repair work on the infrastructure is expected to further reduce the joint ventures April and may monthly average to about 2.2 million barrels per day equivalent of 554 million dollars in revenue.
“This will further reduce our April and May monthly average to about 2.2mbpd and further decrease crude oil revenue by about 554 million dollars (N83 billion) that should have accrued to the Federation Account, “the corporation said.
It, however, gave an assurance that the maintenance work would have minimal effect on gas supply to domestic market.
“We shall continue to work with relevant government agencies both at the federal and state levels; to end this incessant crude oil theft and pipeline vandalism.
“We have the potential to meet the national target of 2.48mbpd if this menace is eliminated,” it added.
The corporation decried the menace of crude theft and its negative effect on the environment, operational costs and image of the country and economy of the nation.
It called for the partnership of the stakeholders in tackling the menace.