An analysis of various reports from the Nigerian National Petroleum Corporation (NNPC) has shown that the total volume of crude oil produced in Nigeria has been reducing since January this year, leading to a cumulative loss of about N131.8bn, The Punch reports.

After increasing to 1.84 million barrels per day in January this year, from 1.58mb/d that was recorded in December 2016, the country’s crude production commenced a descent and closed at 1.82mb/d and 1.59mb/d in February and March 2017, respectively.

Figures in four financial and operations monthly reports of the NNPC from January to April 2017 showed that Nigeria’s total volume of crude and condensate lifting and utilisation dropped by 3.55 million barrels between January and March this year. The corporation put the value of this drop at $431m or N131.8bn, using the official exchange rate of N305.85 to a dollar.

 

 

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