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.
