Again, Nigeria has hit a new oil production loss record as a result of disruptions to its crude assets due to maintenance challenges, community issues and prolonged force majeure. Latest data from the Nigerian National Petroleum Company Limited (NNPCL) indicated that in June, a whopping 9.425 million barrels were lost to the upstream challenges. This figure excludes the much-talked-about oil theft in the Niger Delta region, which is estimated to be 400,000 bpd. The NNPCL has been unable to contribute a kobo to the Federation Account since this year, thereby crippling most dollar-related transactions in the Nigerian economy. In a document in which the national oil company explained its operations to the Federation Account Allocation Committee (FAAC), it told the body that the nation lost the 9.425 million barrels during the month, in nine major incidents in the course of its operations. Nigeria’s upstream petroleum sector has struggled in […]