The Nigerian National Petroleum Corporation (NNPC) Wednesday disclosed that it has prioritized security over oil assets located in Nigeria’s onshore and shallow waters, to ensure stability in the country’s oil production, THIS DAY reports.
It said usually, the federal government gets more returns from oil production from the onshore and shallow waters than it did from deep offshore assets, hence, its decision to secure them. The corporation stated this in its latest monthly production and financial reports for the month of April which was released in Abuja. According to the report, Nigeria’s oil production within the period under review declined to 1.6 million barrels per day (mbpd), some 12.04 per cent from its February 2017 production levels.
It explained that despite the government’s continuous engagements with militants in the oil rich Niger Delta region, some of the issues that still dragged down production during the period were incessant deferred production due to leakages in the Trans Niger Pipeline (TNP) and Nembe Creek Trunk Line (NCTL); as well as leakages and low well head pressure at Qua-Iboe Terminal. A subsisting force majeure at Forcados and intermittent shut-ins in Bonga Terminal due to Turn Around Maintenance (TAM), it added were also responsible for the drop in production volumes.