Nigeria’s crude oil export operation has suffered a serious setback following a major crack-up of a giant underwater pipeline at the Forcados export terminal. Following the incident, crude oil lifting h‎as now been suspended at that platform, officials said. The pipeline, described as a big artery in the nation’s oil production was said to have suffered a huge rupture under circumstances that are at the moment still hazy. Nigeria is already bleeding from the impact of low oil prices, with revenue dipping month after month. “With export now cut as a result of the incident, oil revenue will descend even lower until the pipeline is fixed,” an insider at the Nigerian National Petroleum Corporation told PREMIUM TIMES. Industry experts say repairing the pipeline might cost the country as much as 100 million dollars. Sabotage by Niger Delta militants is completely ruled out but the same cannot be said at […]