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Nigeria losing N2.79bn in oil production

20 May 2016, 18:04

Biafra - Nigeria is losing about N2.79 billion daily following the closure of ExxonMobil operated Qua Iboe terminal, whose workers were evacuated yesterday, Vanguard reported.

Qua Iboe is Nigeria’s largest crude oil stream and exports usually more than 300,000 barrels per day.

The closure of the terminal comes after a string of attacks and problems facing Africa's largest oil producer. 

Also read: Petrol to be sold at N145 per litre

Intruders blocked staff from gaining access to the terminal, The Daily Mail reported.

"Some unknown persons obstructed access to the bridge leading to (the terminal), thereby preventing our personnel and the public from conducting their legitimate businesses," a spokesman said in an email.

"A peaceful removal of the obstructions is ongoing," after intervention from government, security agencies and community leaders, the spokesman said, adding that Exxon "condemns this criminality."

Militant activity in the oil-rich Niger Delta has taken out some 500,000 barrels per day of crude oil production from other companies in Nigeria, pushing oil output in Africa's largest-producing nation to more than 22-year lows.

Nigeria's labour unions have been embroiled in an indefinite nationwide protest following the scrapping of the country's fuel subsidy and a subsequent rise in the price of petrol.

- News24 Nigeria


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