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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





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