Nigerian National Petroleum Company Limited, NNPCL said that the impact of crude oil theft has been affecting its performance, disclosing that it losses 470,000 bpd amounting to $700 million monthly.
The company also said that security challenges has hindered oil production in some terminals.
Speaking with some journalists during a tour of the facilities of the NNPCL, the Group General Manager, National Petroleum Investment Management Services, NAPMS, Bala Wunti, said the pipelines particularly those around Bonny terminal cannot be operated due to the activities of criminals.
He said the number of barrels stolen is very huge on a daily basis explaining about 270 barrels that were supposed to be loaded in Bonny are no longer going to be loaded because of theft.
According to him, “if you’re producing 30,000 barrels a day, every month, you get 1,940 barrels. So what it means is that you can take it to 270 every four days, calculate it in a month; you will have seven cargos on a million barrels, that’s seven million barrels.
“When you multiply seven million barrels by $100 that is $700 million lost per month, adding that about 150,000 barrels expected are differed, we are not producing due to security challenges.”
Wunti said, “the Shell Petroleum Company (SPDC) trunk line, TNP transnational pipeline cannot be operated and this has been like this since March the 3rd that we put in this. Just take your calculator, 150,000, it means if you want to arrive at 1 million barrels per day, it means every week as a minimum, basically for one week alone, it’s four cargo and four cargo is four million barrels. Four million barrels formula bar or $100 is $400 million.