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The pipelines, especially those around the Bonny terminal, cannot function due to the activities of the criminals.
The Group Managing Director, National Petroleum Investment Management Services (NAPMS) of the Nigerian National Petroleum Company Limited (NNPCL), Bala Wunti said so during a tour of the NNPCL facilities.
In a statement, Wunti described the number of barrels stolen per day as high, saying the supposed 270 barrels per day to be loaded was no longer feasible due to the theft.
Wunti further said that the oil theft has caused the Nigerian nation to lose 470,000 barrels per day (bpd) of crude oil amounting to $7 million per month.
While lamenting the negative impact of pipeline vandalism on crude oil production, gas supply, refinery operations, among others, Wunti insisted that the siphoning of crude oil from oil facilities affects revenue. of each stakeholder.
He said, “If you produce 30,000 barrels a day, every month, you get 1,940 barrels. So that means you can take it to 270 every four days. Calculate it in a month, you will have seven cargoes out of a million barrels, that’s seven million barrels.
“When you multiply seven million barrels by $100, that’s $700 million lost per month, and about 150,000 expected barrels are deferred; we do not produce due to security issues.
He noted that “Shell Petroleum Development Company’s (SPDC) main line, the TNP Transnational Pipeline, cannot be operated and it has been like this since March 3 when we put it in place.
“Just take your calculator; 150,000 means that if you want to get to 1 million barrels a day, that means every week, at least, roughly for one week only, that’s four cargoes, and four cargoes that’s four million barrels. A formula bar of four million barrels or $100 is $400 million.
“So you can do your math on your own, take whatever price you want, take that to multiply by the number of days that have been shortened since March 3.”
According to him, the impact of the vandals’ activities causes low crude oil production, disruption of gas supply, disruption of distribution of petroleum products throughout the country, refinery downtime, instability growing oil and gas market.
“I will tell you the major thing that affects us. Nigeria will suffer; revenues are impacted, so we can only ask them to control themselves, the situation of oil thefts is regrettable.
This is not happening in the whole Niger Delta, there are main lines that are more impacted, I think the Bonny main line is the highest,” he concluded.
By: Lady Godknows Ogbulu