Fidelity bank card banner Camano banner
Nigeria loses $27m daily to fresh militant attacks

By News Express on 29/05/2016

Views: 1,793


There are indications that the Federal Government may be losing about $27 million daily to the resurgence of militant attacks on oil installations.

According to industry sources, the incessant attacks have led to decline in crude output from 1.4 million barrels per day last week to one million barrels per day as of Saturday after the attacks.

Nigeria has fallen short of its OPEC crude quota of 2.2 million barrels per day, losing 1.2 million barrels per day production to militancy.

At an average of $45 per barrel, about $54 million is being lost daily to militancy. Considering the fact that most affected oil installations are Joint Ventures, Nigerian government has an average share of 50 per cent, meaning the government is losing $27 million daily on the average, while its JV partners together are also losing $27 million daily.

The source also said with the way the attacks are  going and the threat of ‘something big’ by the militant group, Niger Delta Avengers (NDA), the deep offshore fields may be their next targets.

According to the source, “the deep offshore fields like Agbami, ERHA, AKPO, YOHO and Bonga may be immune from attacks because they are deep offshore,  but because Bonga was attacked sometimes ago, you never can tell.,” the source said.

The news of crude oil reaching $50 per barrel last week was received with mixed feelings by stakeholders because Nigeria’s output has fallen and it cannot benefit from the crude price rise.

In another development, the Bayelsa State government on Saturday condemned the attack on two crude trunk lines, operated by Aiteo and Agip, by the NDA.

Mr Jonathan Obuebite, Bayelsa State Commissioner for Information, who confirmed the twin attacks in an electronic mail to the News Agency of Nigeria (NAN), described them as “one too many.”

“The blowing up of the trunk line is coming a few days after a similar oil facility operated by Chevron was blown up in Delta.”

Obuebite lamented the economic impact of destruction of the key oil facility and wondered why the militants would go to such extent, knowing the economic implication to the state and the country.

He observed that in spite of concerted efforts bythe government to move against such atrocities, the militants were still unrepentant in their acts of vandalism. (Sunday Tribune)

•Photo shows Niger Delta militants.

Source News Express

Posted 29/05/2016 09:06:10 AM

 

 

CLASSIFIED ADS

 

You may also like...
Legal luminaries mourn Justice Oputa •Immortalise him, Ngige...

Second suicide bomber hits church in Kaduna army...

We’ll demolish Ojukwu’s statue if . . ....

How we got court order to take over...

Death toll in bandits, vigilante Katsina clash hits...

Dickson stops borrowing to pay salaries, tells Bayelsans...

Ekiti lawmakers issue warrant of arrest for Fayemi...

SERAP to Buhari: Refer SGF Lawal’s corruption case...

Nuclear War: We are ‘fully prepared’ to defend...

Shutdown: 800,000 US federal workers go without salary...

PDP will win Adamawa in 2019, says Atiku...

Forex: CBN intervenes again with $210m

 

Latest News 2 arrested for having sex in public in Maiduguri Husband, wife, son found dead in Lagos apartment Jonathan gets new appointment Cattle rustling, kidnapping now attract death penalty in Katsina CAN Presidency: We didn’t endorse Ayokunle’s re-election — Northern Christians Islamic State terrorists release new guerrilla war manual APC NWC summons emergency meeting over Zamfara Apapa gridlock: Operation Totality Enforcement begins Protesters litter Edo Assembly with faeces Attah to Buhari: Implement true federalism now or Nigeria disintegrates Okowa commissions Admiralty University, lauds collaboration between military, centres of learning Oil spills: Bayelsa communities accuse regulators of complicity with IOCs

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (482,407 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (420,378 views) Shameless Genevieve Nnaji exposes breasts in public (358,840 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (307,240 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (271,121 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (241,671 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (229,756 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (211,551 views) 10 cars more expensive than Jets (203,869 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (200,920 views) Lagos plane crash: Journalist releases victims’ names (181,639 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (181,632 views)

 

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (91) Business & Economy (4,278) Business Verdict (71) Columnists (1,035) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (615) Features (754) Global Business Monitor (366) ICT Monitor (44) International (3,479) Interview (180) Live Commentary (29) Love Matters (161) Maggie's Blog (276) News (46,528) Opinion (1,244) Pidgin (17) Politics (10,826) Religion (1,009) Sports (2,013) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera