Nigeria has suffered a significant loss in oil revenue over the last year, as a result of pipeline vandalism and oil theft.
This is according to Chairman of Shell Companies in Nigeria, Dr. Osagie Okubor.
Speaking at the just concluded Nigerian International Energy Summit held in Abuja, Okubo noted that the Trans Niger Pipeline, capable of transporting 180,000 barrels of crude per day, has been shut down for over a year, resulting in a loss of approximately 65,700,000 barrels of oil.
If the average oil price of $83 during the period is used this equals a loss of around $5.45 billion or N2.3 trillion in revenue.
