14 October 2013, Sweetcrude, Lagos – Production shortfall resulting from crude oil theft and pipeline vandalism has ensured Nigeria is unable to meet its revenue expectation so far for the year despite oil prices averaging $108 per barrels.
Group Managing Director, NNPC, Mr. Andrew Yakubu, who disclosed this, said the corporation realised a total of $20.91bn in the first seven months of this year from the sale of 191,939,235 barrels of crude oil.
“The projected budget revenues have not been realised due to significant production shortfall. The 2013 planned production was 2.45 million barrels per day. Year-to-date July 2013 production has averaged 2.19 million barrels