Power Failure, Covid-19, others stop N88.76bn oil production – punch newspapers

Power outages, the CVD-19 epidemic and shutdown production at various crude oil terminals have cost the production of an estimated 3.81 million barrels of oil worth N88.76 billion a month.

Updates on key barriers affecting oil production by the Nigerian National Petroleum Corporation (NPC) on Monday show that one million barrels of oil has been cut off.

A further analysis of the report shows that a total of 500 damaged pipeline points were recorded between March 2020 and March 2021.

In terms of crude oil losses, according to oil company figures, Bonga Terminal follows the highest volume of oil (one million barrels) and Forkados Terminal (720,000 barrels).

The Abo, Egina and Bonnie terminals also failed to produce 400,000 barrels, 600,000 barrels and 590,000 barrels respectively.

The average price of crude oil in Nigeria is $ 65.41 a barrel in March this year.

As a result, for the 3,310,000 barrels of crude oil produced during the month of review, Nigeria lost about $ 216.51m (N88.768bn at an official exchange rate of N410).

According to a recent report, barriers affecting crude oil production have been prevented by the corporation due to repairs to the Forkados terminal, Otegele, Eresiggbre and Chanomomi / Odid.

He added that receipts were blocked by Forkado due to the explosion on the Trans Fordos pipeline and subsequent TPLF repairs.

The total loss of the period was 720,000 barrels (barrels), according to the oil company.

He said production at the Abo Terminal had been closed due to the closure of 400,000 barrels.

In the aftermath of the Bonga terminal, the corporation said, “The power outage resulted in a power outage on January 1.

For Agina Terminal, production was shut down due to pig activities, resulting in a total loss of production in 600,000 barrels.

According to Bonnie Terminal, NPC, “Iteo has been shut down due to a leak and Ohaji has been shut down due to a leak in the Egema / Asa trunk line. A total of 590,000 barrels were lost. ”

He said these issues, in terms of product theft and pipeline security, have cost NNPC a competitive advantage.

“Between March 2020 and March 2021, a total of 500 failed points were recorded,” the corporation said.

According to Kenny Obateru, NPC’s General Manager of the Group’s Public Affairs Division, the oil company is working with local communities and other stakeholders on how to deal with the disaster.

He said the corporation and its partners have been working tirelessly to reduce and eventually eliminate pipelines and other practices that negatively affect production.

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