Nigeria’s oil sector is estimated to have lost over 754,000 barrels per day (bpd) in February, to production shut-in occasioned by pipeline vandalism, according to the latest monthly financial report of the Nigerian National Petroleum Corporation (NNPC). This translates to revenue loss of about $49.010million (N17.643billion) at an average price of $75 per barrel if the quantities were sold.According to the report, about 160,000bpd were shut-in throughout February due to the ageing facilities/integrity issues at the Qua Iboe Terminal. The Trans-Nigeria Pipeline at the Bonny Terminal was also shut down from 13th to 16th February, due to a leak in the Bodo area with production loss of approximately 120,000bpd. About 180,000bpd was deferred due to shut down of the Trans Forcados Pipeline as a result of leakage of hot taps in the Oteghele axis for five days in the month in review. About 55,000bpd was shut in due to […]