Protests, gas leak, others cost Nigeria 6.035m barrels of oil worth N182bn in June

Nigeria’s oil revenue took a hit in June, with different production disruptions costing the government an estimated 6.03 million barrels.

The Nigerian National Petroleum Corporation (NNPC) disclosed this in its latest Financial Report for August.

According to NNPC, the production interruptions happened in 32 separate occurrences throughout the month.

Using the average Brent crude price of $73.16 in June, the 6.035 million barrels of oil lost are worth $441.5 million (N182 billion) in revenue when computed.

Breakdown of the production disruption across various terminals across the country shows QUA IBOE terminal located in Akwa Ibom recorded the biggest loss of 1.62 million barrels of oil.

QUA disruption was majorly caused by gas leak on from 23rd to 30th and tank top concerns.

Others terminals affected include Forcados which Lost 879,000 Barrels following shut down.

READ ALSO: NNPC resumes production in Ogoni oil field after 30 years

Anyala Madu Terminal 105,000 barrels , Bonny 335,00 Barrelsb , Ugo Ocha 30,000; Okono 96,000 Barrels; Sea Eagle 750,000 Barrels.

Others Are Usan, 585,000, Brass 200,000, Erha 230,000, Yoho 280,000, Agbami 630,000, Egina 70,000 Pennington 195,000, Ima 30,000

The August document also detailed how much NNPC spent in petrol subsidy in the last seven months.

According to the document petrol subsidy payments gulped N25.37 billion in February, N60.39 billion in March, and N61.96 billion in April.

It further rose to N126.298 billion in May, then N164.337 billion in June and reduced significantly to N103.286 billion in July.

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