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Thursday, June 9, 2016

NNPC says it lost N19.43bn in April

The Nigerian National Petroleum Corporation (NNPC) lost N19.43bn in the month of April, as the country’s crude oil production dropped from 59.27 million barrels recorded in February to 57.43 million barrels in March, .

In its latest financial and operations report released on Wednesday, the NNPC also revealed that over 1,500 megawatts of electricity were lost as a result of the destruction of oil and gas facilities, adding that the capacity utilisation of the Warri Refining and Petrochemical Company plummeted from 25.65 per cent in March to 6.36 per cent in April.
The report stated, “The NNPC’s monthly financial and operations report indicate an operational loss of 19.43bn in April 2016 as against 18.89bn in the month of March 2016″.  It further stated, “Nigerian crude oil production for the month of March 2016 stood at 57.43 million barrels, which is 3.1 per cent lower than February 2016 production, and so far, the lowest recorded in the 12-month review period. Recent upsurge in vandalism has negatively impacted on the Nigerian crude oil production output, losing its African top crude oil producer to Angola.”

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