Meanwhile, Nigeria may lose over N100 billion between February and June to the vandalised Forcados pipeline that conveys Forcados grade of crude oil of over 400,000 barrels per day.
Besides, total export proceeds of $170.12 million was recorded in March, 2016 with proceeds from crude oil export sales amounting to $98.31 while gas sales amounted to $71.81 million for the month of March 2016.
The Guardian reports that the repair of the damaged pipeline, which currently cost Nigeria about 250,000 barrels of crude oil per day due to the bombing of Forcados pipeline, may persist till June this year.
Though the Nigerian National Petroleum Corporation (NNPC) targeted the repair to last for about eight weeks from the day of the attack, latest information shows that the repair may linger till June this year.
Already, the NNPC said in its February report that the situation had adversely impacted on the country’s February 2016 production leading to a loss of about N20 billion of Nigerian Petroleum Development Company (NPDC) oil revenue.
Again in its recent monthly report for March released at the weekend, NNPC said that NPDC’s crude sales for the month of March of about ₦20 billion could not be realised due to crude pipeline vandalism.
NNPC said that the persistent pipeline vandalism poses the greatest threat to the industry. In addition, the revenue from crude oil and gas was impacted by shut-down and shut-in of production for maintenances at different periods and terminals during the month under review.
Also, Nigeria may lose additional $42 (N8.3 billion) to the damage of 35,000 barrels per day Valve Platform, an offshore oil facility belonging to Chevron Nigeria Limited located near Escravos, in Warri South-west.
The corporation has been able to reduce its monthly deficits by 36 per cent from N30 billion in 2015 to N3 billion in 2016.
Presenting the NNPC short term economic blueprint , the Group Executive Director and Chief Operating Officer, Upstream Investment, Bello Rabiu stated that the objective of the corporation was to develop a sustainable domestic gas market capable of generating more revenue than the oil sector and enable import substitution employment generation and gross domestic product growth through rapid development of power and gas-based industrial sectors of the Nigerian economy within the next three years.