A new report showed that Nigerian oil revenue underperformed due to significant shortfalls such as shut-ins resulting from pipeline vandalism and crude oil theft. The Trans-Niger Pipeline, a major pipeline capable of transporting about 180,000 barrels of crude per day, has stopped transporting the product since mid-June due to theft. Despite the development, the pipeline has not been formally shut, Bloomberg reported Wednesday quoting a source familiar with details of the pipeline operations. The report said the pipeline capacity is about 15 per cent of Nigeria’s most recent average daily output. In recent years, oil theft has become a never-ending problem in Nigeria’s oil industry. The Group Chief Executive Officer of the NNPC Limited, Mele Kyari, had in April disclosed that Nigeria lost $4 billion to oil theft at the rate of 200,000 barrels per day in 2021. He added that the country already lost $1.5 billion […]