Nigeria Loses 500,000 BPD of Oil to Flood

Nigeria Loses 500,000 BPD of Oil to Flood

Nigeria Loses 500,000 BPD of Oil to Flood

Nigeria loses 500,000 barrels of crude oil per day to flood ravaging the country, the Department of Petroleum Resources, has said.

Director of the agency, Austin Olorunsola, who disclosed this in Lagos yesterday while addressing newsmen, said the impact of the flood had reduced oil production to 2.1 million barrels of crude oil per day from the initial 2.5 million production mark.

He said facilities of Agip, Total Corporation and Sterling Energy, some of the marginal field operators, are badly affected by the flood.

The DPR boss, however, said oil production has pumped up to 2.3 million barrels of crude since the flood began receding.

"As at yesterday, oil production was 2.3 million barrels per day because the flood is gradually receding," he said.

The Minister of Petroleum Resources, Mrs.Diezani Alison-Madueke, was quoted as saying that the floods would not have devastating impact on oil facilities in the country.

The director also spoke on the performance of the agency in the last quarter. He said the country's current oil reserve is 36.2 billion barrels while gas reserve is 183 trillion standard cubic feet.

According to him, Nigeria's to buoy gas production yielded good result in the quarter as 80% of gas produced were utilised.

He said gas flaring decreased to 18% during the period under review from 25% recorded last year.

He said his agency is also at the verge of renewing expired licenses for shallow water projects of Exxon Mobil, Shell and Chevron.

He disclosed that a marginal field operator, Niger Delta Petroleum Resources, has berthed a new refinery in the country capable of producing 1000 barrels of crude oil per day.

He said the agency is also putting spanner in the works to hold bid round for marginal field operators in the country.

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