From the Field
Nigeria lost USD 100 bln in 2016
ABUJA, February 15, 2017 – Disruptions to oil production by insurgents in the Niger Delta may have cost Nigeria as much as USD 100 billion in oil revenues, Nigerian Minister of State for Petroleum Resources Emmanuel Kachikwu said on Wednesday.
The minister announced in his monthly public video address on Facebook yesterday that 2016 saw daily losses of around 1 million bopd, accounting for a revenue loss of USD 50 million-USD 100 million.
Kachikwu noted that the disruptions to production and pipelines, and consequently to refineries, had left Nigeria unable to meet its contractual obligations with international buyers. The concurrent low oil price had exacerbated Nigeria’s losses, he added.
On peace talks between the Nigerian government and Niger Delta communities, Kachikwu emphasised the two parties’ ongoing communication.
“It is a difficult undertaking to try to embark on trying to resolve it once and for all, but we’re very bullish about this,” he said.