A Review of the Nigerian Energy Industry

Nigeria losing 500,000 barrels of crude daily to flooding

24 October 2012, Sweetcrude, LAGOS – NIGERIA is currently losing about 500,000 barrels of crude oil per day to devastating floods in the oil producing states of the Niger Delta.

This translates to a loss of about $43 million or N6.75 billion daily.

The nation’s oil industry regulator, the Department of Petroleum Resources, DPR, said Tuesday the floods caused Nigeria’s oil production to drop to 2.1 million barrels per day, but added that production has risen to 2.3 million barrels per day following recession of the floods recently.

Director of the DPR, Osten Olorunsola, listed companies hit in the development to include Total, Agip and Sterling Energy.

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  • Computing the cost of the flooding in Nigeria will take a while because the use of statistical data is not one of the government’s strong point. However, given the sheer impact of the flooding, we believe that the country will be counting the cost of the flooding over the next two years.

  • even w hen a comments leaders are respect ours word bcos we are not Academical emprove

  • Dats gud for 9ja