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Oil Production Plunge Caused By Pipeline Problem – FG - Politics - Nairaland

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Oil Production Plunge Caused By Pipeline Problem – FG by Mynd44: 6:38am On Apr 13
The Federal Government, on Friday, said the drop in Nigeria’s crude oil production was due to issues encountered on the Trans Niger Pipeline, coupled with maintenance activities carried out by some oil companies operating across the country.

It, however, stated that efforts were on to fix the pipeline, adding that this would enable the country to produce up to 1.7 million barrels per day of crude oil and condensates.

The Trans Niger Pipeline is a major oil pipeline in Nigeria that transports crude oil extracted from oil fields in Rivers and Bayelsa States to the Bonny Crude Oil Export Terminal.

It is operated by Shell Petroleum Development Company Joint Venture, with a capacity of about 180,000 barrels of crude oil per day, which is about 15 per cent of Nigeria’s daily output.

The Trans Niger Pipeline is an important part of Nigeria’s oil infrastructure, but it has faced significant challenges in recent years.

Our correspondent had earlier reported that Nigeria’s crude oil production witnessed the second consecutive monthly decline this year, as it dropped to 1.231 million barrels per day in March, according to the latest report from the Organisation of Petroleum Exporting Countries.

Reacting to this on Friday, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said the drop in production was due to issues encountered on the Trans Niger Pipeline.

Lokpobiri disclosed this in a statement issued in Abuja by his Special Assistant on Media and Communications, Nneamaka Okafor.

The statement read in part, “In response to recent concerns regarding a shortfall in oil production in Nigeria during the first quarter of 2024, the Minister of State for Petroleum Resource (Oil), Senator Heineken Lokpobiri, assures (Nigerians) that measures are being taken to address the situation to, not only restore production to previous levels but to also increase it.

“The minister clarifies that the reported production shortfall was primarily due to issues encountered on the Trans Niger Pipeline, coupled with maintenance activities carried out by some oil companies operating in Nigeria.


“The minister is also pleased to announce that the issues have been adequately addressed, and production is expected to return to its previous levels in the coming days.”

OPEC stated in its latest Monthly Oil Market Report for April 2024 that crude oil production details, which it got through direct communication from Nigeria, showed that the country pumped less oil in March when compared to what was produced in February.

Data from the report indicated that Nigeria produced 1.322 million barrels per day of crude in February this year, but dropped to 1.231mbpd in March, representing a plunge of 91mbpd.

The report further stated that the country had produced 1.427mbpd of crude in January, but that was not sustained in February as it dropped in that month, while southward oil production continued in March.

OPEC data, however, showed that the country’s average crude oil production in the first quarter of 2024 was 1.327mbpd, higher than the 1.313mbpd average oil production in the fourth quarter of 2023.

Nigeria’s first-quarter oil output in 2024 was also higher than the 1.201mbpd average production in the third quarter of last year.

Oil theft and pipeline vandalism have severely impacted Nigeria’s oil production, causing output to fall below OPEC-approved levels.

Meanwhile, Lokpobiri anticipated that “Nigeria’s oil production, including condensate, which was approximately 1.7 million barrels per day prior to these developments, will soon be restored.”

He also stated that the Federal Ministry of Petroleum Resources was actively engaged in policy evolution aimed at maximising the utilisation of all available wells in Nigeria.

“This strategic approach will enable the country to ramp up production, thereby generating vital revenue to stabilise the nation’s foreign exchange reserves.

“The increased revenue will also empower the government to fulfil its commitments to providing essential infrastructure, as outlined in the 2024 budget,” the statement stated.

https://punchng.com/oil-production-plunge-caused-by-pipeline-problem-fg/

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Re: Oil Production Plunge Caused By Pipeline Problem – FG by SlavaUkraini: 6:38am On Apr 13
Tell us the truth

Pipeline Problems that is caused by Politicians that are dedicated and focused on Crude oil Theft...

6 Likes 1 Share

Re: Oil Production Plunge Caused By Pipeline Problem – FG by englishmart(m): 6:39am On Apr 13
I pray the oil dries up, so we can think of another way of generating revenue.
The oil is making us very lazy

19 Likes 6 Shares

Re: Oil Production Plunge Caused By Pipeline Problem – FG by tuna4servi(m): 6:39am On Apr 13
This guy above me wicked ooo

2 Likes

Re: Oil Production Plunge Caused By Pipeline Problem – FG by Yankee101: 6:40am On Apr 13
We need to diversify the economy

4 Likes

Re: Oil Production Plunge Caused By Pipeline Problem – FG by nairalanda1(m): 6:40am On Apr 13
Manufactured goods and services.

19 Likes

Re: Oil Production Plunge Caused By Pipeline Problem – FG by helinues: 6:40am On Apr 13
Toh

19 Likes

Re: Oil Production Plunge Caused By Pipeline Problem – FG by Akwamkpuruamu: 6:43am On Apr 13
No matter the noise APC makes on diversification, without crude oil, naija go kpeme

2 Likes

Re: Oil Production Plunge Caused By Pipeline Problem – FG by nairalanda1(m): 6:43am On Apr 13
englishmart:
I pray the oil dries up, so we can think of another way of generating revenue.
The oil is making us very lazy

As stated in this article

By, contrast, says Schleicher, “in countries with little in the way of natural resources — Finland, Singapore or Japan — education has strong outcomes and a high status, at least in part because the public at large has understood that the country must live by its knowledge and skills and that these depend on the quality of education. ... Every parent and child in these countries knows that skills will decide the life chances of the child and nothing else is going to rescue them, so they build a whole culture and education system around it.”

Or as my Indian-American friend K. R. Sridhar, the founder of the Silicon Valley fuel-cell company Bloom Energy, likes to say, “When you don’t have resources, you become resourceful.”

That’s why the foreign countries with the most companies listed on the Nasdaq are Israel, China/Hong Kong, Taiwan, India, South Korea and Singapore — none of which can live off natural resources

Sauce

21 Likes 1 Share

Re: Oil Production Plunge Caused By Pipeline Problem – FG by dynicks(m): 6:43am On Apr 13
englishmart:
I pray the oil dries up, so we can think of another way of generating revenue.
The oil is making us very lazy

2 Likes

Re: Oil Production Plunge Caused By Pipeline Problem – FG by LegacyB: 6:44am On Apr 13
englishmart:
I pray the oil dries up, so we can think of another way of generating revenue.
The oil is making us very lazy
This your mind dark no be small. Can you suggest the new way to make money . Or it’s just your normal emotional gymnastics?

4 Likes

Re: Oil Production Plunge Caused By Pipeline Problem – FG by NaijaCurfew: 6:44am On Apr 13
Whatever they are doing, let me have food to eat this afternoon... Finish
Re: Oil Production Plunge Caused By Pipeline Problem – FG by YourKarma: 6:46am On Apr 13
englishmart:
I pray the oil dries up, so we can think of another way of generating revenue.
The oil is making us very lazy

I actually support this. Nigeria was doing great and all regions were producing before we discovered oil, and then everyone relaxed and brought straws to suck up the oil

2 Likes

Re: Oil Production Plunge Caused By Pipeline Problem – FG by bigdammyj: 6:48am On Apr 13
Noted.
Re: Oil Production Plunge Caused By Pipeline Problem – FG by nairalanda1(m): 6:50am On Apr 13
LegacyB:

This your mind dark no be small. Can you suggest the new way to make money . Or it’s just your normal emotional gymnastics?

Simple, we use our brains like the chinese, germans, japanese, etc.

Lack of resources would make us resourceful

Every resource has a finite limit. IN the 1960's we were a world leader in tin production. Not anymore, because the tin has been mined out. Same thing for the oyel. Some countries have run out of oyel. We would one day run out of oyel.

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Re: Oil Production Plunge Caused By Pipeline Problem – FG by nairalanda1(m): 6:54am On Apr 13
YourKarma:


I actually support this. Nigeria was doing great and all regions were producing before we discovered oil, and then everyone relaxed and brought straws to suck up the oil

NIgeria was not doing great before we found oil. Most of us were poor. Very poor. And if we had not found oil, we would have still ended up the way we are, because instead of using our raw materials and what we were producing to make products the world needed, we were just selling and selling and selling....and allowing others make big profits using our resources and so forth.

Problem with resources is the price is never stable. The same issues with oil is the same issue with palm oil cocoa, groundnut, cotton etc. See Ghana. Cocoa prices of recent never favour them, plus they just had a massive issue with diseases affecting the crop...result, they had to beg for more loans from world bank. At world bank conditions.

For Nigeria to do great we have to use our resources to make stuff the world needs, and export it. Not sit down behind some desk forming big man and using imported stuff that deplets our forex.

25 Likes 1 Share

Re: Oil Production Plunge Caused By Pipeline Problem – FG by Angelfrost(m): 6:55am On Apr 13
This continued oil-dependence is an ill wind that doesn't bode well for this nation's future...!

Diversify this economy fast!!!

It might be too late already.

4 Likes

Re: Oil Production Plunge Caused By Pipeline Problem – FG by Lemos14: 7:02am On Apr 13
englishmart:
I pray the oil dries up, so we can think of another way of generating revenue.
The oil is making us very lazy

Lol. I don laugh tire. Funny enough Nigeria will be on its toes if there were nothing like oil. We are a lazy bunch of people who willingly dont diversify means to boost their economy.

3 Likes

Re: Oil Production Plunge Caused By Pipeline Problem – FG by MaryiethPauline: 7:03am On Apr 13
We don't like excuses... Just show workings and let Nigeria work again

Meanwhile

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Re: Oil Production Plunge Caused By Pipeline Problem – FG by Ykc2(m): 7:07am On Apr 13
LegacyB:

This your mind dark no be small. Can you suggest the new way to make money . Or it’s just your normal emotional gymnastics?
but yorubas are most sophisticated people in the world so yorubas they can do without oil they invent new plane engine
Re: Oil Production Plunge Caused By Pipeline Problem – FG by Ykc2(m): 7:11am On Apr 13
If oil dries up accommodators will be feeding the rest of nigeria they are the most sophisticated people the world they invent new things gor the world
Re: Oil Production Plunge Caused By Pipeline Problem – FG by OluwaBlessyn: 7:31am On Apr 13
Una don start oooooo

Abi una don divert the transport of crude oil saying na issues with pipeline

Tufiakwa
Re: Oil Production Plunge Caused By Pipeline Problem – FG by Johncables402: 7:48am On Apr 13
Anything Tinubu rules over gets destroyed. The man is a curse to Nigeria and well meaning Nigerians. I wish the oil would drie up so that all these lazy fools in Abuja can feel what other Nigerians feel .
Re: Oil Production Plunge Caused By Pipeline Problem – FG by dreamworld: 8:08am On Apr 13
grin
Re: Oil Production Plunge Caused By Pipeline Problem – FG by Draslo(m): 8:19am On Apr 13
englishmart:
I pray the oil dries up, so we can think of another way of generating revenue.
The oil is making us very lazy
Your grandchildren, even if they live for 100 years will witness Nigeria refining it's oil
Re: Oil Production Plunge Caused By Pipeline Problem – FG by saddler: 9:15am On Apr 13
cool

Oil the number one reason they will fight tooth and nail to keep this faulty country like this.


Despite the huge amount of money accruing from the sale, the Nigerian people keep suffering.
Re: Oil Production Plunge Caused By Pipeline Problem – FG by harizonal123(m): 9:21am On Apr 13
Pipeline problem or federal thieves?
Re: Oil Production Plunge Caused By Pipeline Problem – FG by wittywriter: 9:30am On Apr 13
SlavaUkraini:
Tell us the truth

Pipeline Problems that is caused by Politicians that are dedicated and focused on Crude oil Theft...
Yankee101:
We need to diversify the economy
saddler:
cool

Oil the number one reason they will fight tooth and nail to keep this faulty country like this.


Despite the huge amount of money accruing from the sale, the Nigerian people keep suffering.
Ykc2:
If oil dries up accommodators will be feeding the rest of nigeria they are the most sophisticated people the world they invent new things gor the world
englishmart:
I pray the oil dries up, so we can think of another way of generating revenue.
The oil is making us very lazy
tuna4servi:
This guy above me wicked ooo




Wittyness

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