Fakoyejo OlalekanThe Chief Upstream Investment Officer at the NNPC Upstream Investment Management Services (NUIMS), Bala Wunti, said Nigeria loses 700,000 barrels per day to oil thieves.
Wunti stated that the Federal Government had projected a production output of 1.88 million barrels per day, but only one million barrels were recorded in August.
This led to the loss of 700,000 barrels, which represents $54.4 million per day and $1.63 billion monthly when pegged to the $77.72 crude price as at the time of filing this report.
Prime Business Africa reported on Wednesday that Nigeria recorded crude oil output of 1.59 million barrels per day as at December 6, 2022.
Wunti said security vulnerability in Niger Delta has fueled the crude oil loss. Companies have also announced force majeure as a result of sabotage by oil thieves.
Speaking on the security issue during Arise TV, Wunti said, “As I speak to you, Brass and Bonny are on force majeure, that is about 300,000 barrels deferred already.
“We have been working hard with the private security contractor to return the Trans-Niger pipeline. Hopefully, we will open Bonny very soon.
“One of our major trunklines – the Nembe Creek trunkline cannot be used because of security vulnerabilities, although Trans Forcados, Escravos, and Trans-Remo are back.
“Now, the previous security architecture was not working, so, we carried out a robust diagnosis, which revealed major issues to be addressed.”
He also stated that “Sometimes, we have to destroy a whole vessel. Removing these vessels is a big job. And we are recording significant success because of the improved security situation.
“We are now almost an average of 350,000 to 400,000 barrels increase.”
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