Africa Oil & Gas: Nigerian Petroleum Development Co Says Lost $4.9B To Attacks This Year

Money Dollars

Militants severely hobbled production this year

The Nigerian Petroleum Development Company (NPDC), a subsidiary of state oil firm NNPC, said on Wednesday it had lost 1.5 trillion naira ($4.9 billion) due to attacks on its facilities since the beginning of the year.

The subsidiary of the Nigerian National Petroleum Corporation specialises in exploration and production of oil.

Militants’ attacks in the oil-rich Niger Delta have severely hobbled production this year, at one stage reducing output by more than a third.

(Reporting by Ulf Laessing and Paul Carsten; editing by David Clarke)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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