Nigeria is losing $1,000 per barrel of crude oil it exports due to a lack of refining capacity, highlighting the challenges facing the country's oil industry.
Nigeria is losing $1,000 on every barrel of crude oil it exports, due to a lack of the added value from refining, Nigeria n media quoted energy policy expert Henry Adigun as saying at a conference. This loss is no longer sustainable, Adigun said.
Ltd has declared a state of emergency on production in Nigeria’s oil and gas industry as Africa’s largest oil producer struggles to boost output. believes that Nigeria needs to take urgent action to address the challenges that have plagued the oil and gas industry for years, Group Chief Executive Officer, Mele Kyari, said in July. “We know what we have to do at the level of assets. We have engaged our partners, and we will work together to improve the situation,”
’s Kyari said. The combination of pipeline vandalism and oil theft with a lack of investment in capacity has made Nigeria the biggest laggard in crude oil production in the OPEC alliance. Due to the underproduction, OPEC even reduced last year the quota for Nigeria’s oil production. An analysis of the oil and gas assets in Nigeria has found that the largest OPEC producer in Africa can easily pump 2 million bpd of crude oil without deploying new rigs, Kyari said.
Oil Refining Crude Oil Dangote Refinery NNPC OPEC Oil Production Oil Theft Pipeline Vandalism
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