The Nigerian National Petroleum Company Limited (NNPCL) has disclosed it loses 470,000 bpd to oil theft, amounting to $700 million monthly. This is in addition to security challenges that hindered oil production in some terminals. Speaking with some journalists during a tour of the facilities of the NNPCL, Bala Wunti, the group general manager, National Petroleum Investment Management Services (NAPMS), said the pipelines, specifically those around Bonny terminal, cannot be operated due to the activities of criminals. The GGM said the number of barrels stolen on a daily basis is very huge, saying about 270 barrels that were to be loaded in Bonny would no longer going to be loaded because of theft.
He explained that, “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.
“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 one 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. So you can do your calculations by yourself, take whatever price you want, take this to multiply by the number of days that have been shortened since March 3rd,” he added.
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