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Business & Finance

NNPC Lost 560,000 Barrels of Crude Oil in 5 Months

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The Nigerian National Petroleum Corporation (NNPC) said it lost 560,000 barrels of crude oil between January and May this year.

At an average crude oil price of $38 per barrel and a budgeted exchange rate of N197/$, according numbers obtained from the NNPC, the Nigerian treasury was denied N4.1 billion within the five months’ period.

It also lost 109 million litres of petroleum products within the period.

The Group Managing Director of the NNPC, Dr. Maikanti Baru, who made the disclosure during a courtesy visit to the Commandant General of the Nigerian Security Civil Defence Corps (NSCDC), Abdudullahi Gani Muhammadu, in Abuja, said the corporation suffered 1,447 incidents of pipeline breaches in the same period.

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In a statement by NNPC spokesman, Garba Deen Muhammadu, the GMD revealed that natural gas supply to power plants had also been impacted resulting in a drop from 1,400 million standard cubic feet of gas per day to below 700 mmscfd and a drop in power generation to 2,500 megawatts from 3,000mw owing directly or indirectly to the impact on the pipelines.

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