Due to problems with pipeline vandalism and the ensuing oil theft, Nigeria lost the chance to produce and export roughly 65,700,000 barrels of oil last year. If the current exchange rate and average oil price are applied, this corresponds to a loss in oil revenue of around N2.3 trillion.
At the recently concluded Nigerian International Energy Summit held in Abuja, the Chairman of Shell Companies in Nigeria, Dr. Osagie Okubor, stated that the 180 000 barrels per day Trans Niger Pipeline had been closed for more than a year—from March 2022 to March 2023. The total shut in/loss from March of last year to March of this year is around 65, 700,000 barrels.
From March through May, the average price of Brent crude was roughly $83. Okunbor advised the incoming administration to prioritised the security of oil infrastructure.