Nigeria's NNPC records 3,153 vandalized points on oil pipelines over 12 months
Nigerian National Petroleum Corp said it recorded 3,153 punctured points on its oil pipelines in the 12 months to end March, adding that continued crude and oil products losses were draining it financially according to reports by Platts .
“Incessant vandalism and products theft have continued to destroy value and put NNPC at [a] disadvantaged competitive position,” the NNPC said.
NNPC recorded an operating deficit of Naira 24.23 billion ($123 million) in February and Naira 18.89 billion in March, it said, on the back of attacks on the Forcados crude export line that resulted in the loss of the entire oil export revenues of its subsidiary, NPDC.
NNPC said the crippling of the 48-inch Forcados export line resulted in the shut-in exports of 300,000 b/d of the Forcados crude grade since February.
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