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Nigeria’s oil output, N7.44trn budget face new threat

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There are strong indications that Nigeria’s oil output, and by extension the nation’s N7.44 trillion 2017 budget may be facing new threat as attacks on oil facilities gradually return to the Niger Delta.

Federal Government’s intervention through the office of Vice President, Prof Yemi Osinbajo, and repairs of damaged facilities, had assisted to raise oil output from below 1.8 million barrels per day, bpd, to 2.2 million bpd, including condensates.

But Vanguard’s investigations, weekend, showed that the oil and gas industry has recorded many new attacks in recent times, thus threatening the capacity of the nation to meet the nation’s 2.2 million bpd target.

Specifically, investigations in Akwa Ibom, Cross River, Imo, Abia, Bayelsa, Rivers, Delta, Edo and Ondo states showed that many International Oil Companies, IOCs, and their indigenous counterparts have started witnessing increased disruptions in their operations.

Vanguard, October 6, 2017

 

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