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Pipeline shutdown: FG, IOCs lose N543bn in six months

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Six months after the Trans-Ramos Pipeline was shut down, the Federal Government, Shell, Total and Nigeria Agip Oil Company Limited have lost around $1.5bn (N543bn) in potential revenue from the sale of crude oil.

The PUNCH correspondent, however, gathered that the pipeline had been repaired but had yet to come back on stream.

Shell Petroleum Development Company of Nigeria Limited announced on May 25 this year that it had shut down production following the discovery of leaks on the pipeline, which is located in the swamps of western Niger Delta.

The SPDC is the operator of a joint venture involving the Nigerian National Petroleum Corporation, which holds 55 per cent; Shell, 30 per cent; Total Exploration and Production Nigeria Limited, 10 per cent; and NAOC, five per cent.

The PUNCH, December 26, 2018

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