Nigeria loses N191bn to crude theft, vandalisation

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Nigeria has suffered a shortfall of N191billion ($1.23 billion) in the first quarter of 2013, due to drop in crude oil production.
The Nigerian National Petroleum Corporation (NNPC), attributed the drop in production to crude oil theft and the vandalism of major oil pipelines in the oil-rich Niger Delta region.
The NNPC explained that daily oil production within the period fluctuated between 2.1 and 2.3 million barrels per day (mbpd), compared with the projected estimate of 2.48 mbpd.
According to NNPC’s spokesperson, Ms. Tumini Green, “Expectedly, this fall between actual production and forecast in the first quarter of 2013, has resulted in a drop in crude oil revenue of about $1.23 billion (N191 billion) that should have accrued to the Federation Account.”

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