The Federal Government has informed that about 600,000 barrels of oil have been lost since the beginning of attacks by militant group, Niger Delta Avengers.
The group have taken responsibility for various acts of destruction of oil installations in the Niger Delta region.
The Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu, who said this in Abuja, explained that the attacks have drastically affected projections in the 2016 budget.
Kachikwu said, “Over the last two months, we have probably lost about 600,000 barrels from various attacks of militants in the area.
“In terms of production, we are roughly at about 1.5 million to 1.6 million barrels a day, down from 2.2mbd which is the basis of this year’s budget and if peace reigns, obviously between now and August we will be able to recover substantial portion of this production so that the budget doesn’t suffer.”
The group have taken responsibility for various acts of destruction of oil installations in the Niger Delta region.
The Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu, who said this in Abuja, explained that the attacks have drastically affected projections in the 2016 budget.
Kachikwu said, “Over the last two months, we have probably lost about 600,000 barrels from various attacks of militants in the area.
“In terms of production, we are roughly at about 1.5 million to 1.6 million barrels a day, down from 2.2mbd which is the basis of this year’s budget and if peace reigns, obviously between now and August we will be able to recover substantial portion of this production so that the budget doesn’t suffer.”