There appears to be no end in sight to the financial and resource hemorrhage in Nigeria’s oil and gas industry, with the country once more losing as much as 6.596 million barrels of oil in its December 2021 production. At an average of $75 per barrel that crude oil sold last month and an official exchange rate of N415/$1, Nigeria failed to take advantage of high international oil prices for the month, losing a whopping $487.5 million (about N202.3 billion). The latest figures from the Nigerian National Petroleum Company Limited (NNPC) indicated that the losses were due to a combination of factors, including force majeure declared by a Joint Venture (JV) partner. Other reasons listed by the national oil company included community issues, maintenance work, sabotage, and technical matters, like leakages, pressure build-up, and faulty valves. But in the month that the company experienced the N202 billion loss, […]