Nigeria In One Minute

Closure of Trans-Forcados Pipeline May Threaten 2018 Budget

The recent closure of the Trans- Forcados Pipeline (TFP) following the May 7, 2018, suspected explosion on the facility at the Diebiri-Batan community in Warri, South West Local Government Area of Delta State, has raised concerns among stakeholders over the capacity of the federal government to finance the 2018 budget of N9.12 trillion, THISDAY has learnt.

There are, however, strong indications that the flow of crude oil along the pipeline has started to ramp up again, as Salvic Petroleum Resources Limited, handling the emergency repairs is said to be working round the clock to bring the pipeline back up in a matter of days.

This is coming as crude oil prices eased yesterday, under pressure from a potential increase in output by the Organisation of Petroleum Exporting Countries (OPEC) to cool the market’s recent rally and cover any shortfalls in supply from Iran and Venezuela.

The budget, which was passed recently by the National Assembly, was predicated on the production of 2.3 million barrels per day of crude oil, $51 per barrel oil price benchmark and an exchange rate of N305 to the dollar.

THISDAY, May 24, 2018

 

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