NNPC Loses N20bn Due To Niger Delta Avengers Attacks

 

The Nigerian National Petroleum Corporation, NNPC, has disclosed that it lost N20 billion in April due to attacks on Forcados Export Line by the Niger Delta Avengers.

In its Monthly Financial and Operations Report for April released in Abuja on Wednesday, NNPC said its revenue dipped in April by 4.99 per cent to N102.45 billion from N107. 83 billion recorded in March.

It states that the corporation’s expenses also dipped by 3.82 per cent to N121.88 billion compared to N126.72 billion spent in the preceding month.

It attributed the drop to pipeline vandalism which forced one of its subsidiaries, Nigerian Petroleum Development Company (NPDC), to undertake a production shut-in, which resulted in the loss of monthly crude oil revenue of N20 billion.

The report said “NPDC deficit and low revenue in the month of February to March 2016 and April 2016 was due to production shut–in, resulting to loss of entire NPDC’s revenue from crude oil sales of about N20 billion occasioned by vandalism of Forcados Export Line.”