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Nigeria to lose N1.2billion daily due to oil export drop

Nigeria-to-lose-N1.2billion-daily-due-to-oil-export-drop

Nigeria’s energy cataclysm yesterday being Monday, took several measurable extents as Agip announced a stop in oil export at its 25,000 barrels per day, Brass export terminal in Bayelsa.

This was as a result of an explosion at its facility, which could trigger a $2.84 million (about N1.2 billion) daily oil export dropping.

Why need oil export?

Nigeria has been fighting activities of oil looters who have been using modern facilities to blow up oil installations.

Most of the recent hitch was credited to them even in between increased oil spillage and environmental deterioration.

This has made it difficult for the country to meet its OPEC quota and further lose billions of dollars at a time of rising oil prices in the international market.

According to the Nigerian Agip Oil Company (NAOC) in a report released said, the greater force was declared on oil exports of 25,000 barrels per day from its Brass terminal and gas feeds to the Nigeria Liquefied Natural Gas at Bonny after an explosion at its facility in Nembe LGA of Bayelsa State that cut oil export from its Brass export terminal and also affects the gas supplies to the Okapi Power Plant.

At the price of at least $113.4 per barrel of Bonny Light on Monday, Nigeria’s loss from crude oil exports will attain $2.84m daily and may continue until the mutilate facilities are repaired.

The power company said, “An incident occurred on the Ogoda/Brass 24” oil line, at Okparatubo in Nembe LGA of Bayelsa State.

“The incident was as a result of the explosion, thus causing a spill. All wells connected to that pipeline were shut-in whilst river booms as soon as possible and containment scow was mobilized to decrease the impact of the spill.

“Regulators for inspection visit and repair teams have also been activated. State and federal government and security authorities were informed.

“Deferred production is estimated at 25 kobos per day oil and about 13 MSCM/d of gas.

“greater force has been declared at a Brass terminal, Bonny NLNG, and Okpai Power Plant,” Eni (Agip) stated.

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