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Nigeria' s crude oil production fell in 1Q, Theft cited

BY OBAFEMI OREDEIN

IBADAN -- Nigeria' s crude oil production declined in the 1Q due to petroleum theft and vandalism along major pipelines in the Niger Delta, the NNPC said.

Tumini Green, acting group GM of NNPC' s Public Affairs Division, said in a statement that daily crude oil production during the period fluctuated between 2.1 MMbopd and 2.3 MMbopd compared with the projected estimate of 2.48 MMbopd.

"Expectedly, this fall between actual production and forecast in first quarter 2013 has resulted in a drop in crude oil revenue of about $1.23 billion that should have accrued to the federation account" she said.

Shell and Agip have reported rising crude oil theft from their pipelines in the Niger Delta in the past few years.

Shell said an estimated 60,000 bopd is stolen from its facilities in the Niger Delta. Last month, Agip stopped oil production in Nigeria' s southeast Bayelsa state after it said about 7,000 bopd had been stolen from its operations in the state.

Nigeria earns more than 90% of its foreign exchange and about 80% of government revenue from oil exports.

Dow Jones Newswires

04/17/2013

 

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