Emmanuel Addeh in Abuja
Many oil companies are reporting huge losses, sometimes up to 80 per cent of production in the pipelines. “When they pump through the pipelines, they only get about 20 per cent of product and the rest lost to pipeline breaches and organised theft. The 20 percent hardly covers cost of production,” an industry expert explained.
This year has been a big disappointment for the industry in Nigeria in terms of matching production with market demand as efforts to meet its almost 1.7 million barrels per day allocation had produced little result. Even then, NNPC and its partners pumped almost 1.4 million barrels daily, but that figure has slumped since the August 2021.
In addition, 38.4 million barrels were pumped from around 30 Nigeria’s terminals and streams in August, 37.4 million barrels in September, 38 million barrels in October and 38.2 million barrels in November. The information on the proceeds of the NNPC’s sales of crude oil and gas and subsequent contribution to the account was contained in its presentation to the Federation Account Allocation Committee for the month of December 2021.
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