PENGASSAN THREATENS 30-DAY SHUTDOWN, NIGERIA RISKS N1.37TN LOSS

In the meantime, Protesting members of the Petroleum and Natural Gas Senior Staff Association of Nigeria have  threatened to shut down oil production in Nigeria for 30 days if the Federal Government fails to curb the lingering massive oil theft in the Niger Delta.

Members of the union staged protests in various parts of Nigeria which Abuja, Warri in Delta State, Kaduna and Port Harcourt in Rivers State.

VOP  News gathered that If the workers implement their threat, Nigeria might lose about N1.37trn from the non-production and sale of crude oil, a major foreign exchange revenue earner for the country.

Figures from the Nigerian Upstream Petroleum Regulatory Commission showed that in January, February, March and April 2022, the country’s crude oil production (without condensates) were 1.39 million barrels per day, 1.26mbpd, 1.24mbpd and 1.22mbpd respectively.

In May, June, July and August 2022, the figures were 1.02mbpd, 1.16mbpd, 1.08mbpd and 0.97mbpd respectively. The average oil production for the eight months is therefore 1.168mbpd.

This means that should the workers shut down production for 30 days, the country would not produce about 30.03 million barrels of crude.