Nigeria has lost an opportunity to produce and sell about 65,700,000 barrels of oil in the last year due to issues bothering 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 Chairman of Shell Companies in Nigeria, Dr Osagie Okubor, said at the just concluded Nigerian International Energy Summit held in Abuja, said the 180, 000 barrels per day Trans Niger Pipeline had remained shut for more than one year- March 2022 to March 2023.
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.
The TNP, a Joint Venture operated by SPDC is a major pipeline capable of transporting about 180,000 barrels of crude per day to the Bonny export terminal. Speaking at the NIES, Okunbor said the TNP remained shut for one year due to the massive crude oil theft on the pipeline.