Militants’ attacks lock-in 70% indigenous oil production – Seplat boss –

Indigenous oil producers are facing hard times following incessant attack on oil facilities by militants in the Niger Delta. The incidents have locked up about 70 per cent of their production capacity while revenues have gone down to almost zero.

Managing director, Seplat Petroleum Development Company Plc, Mr Austin Avuru, discussing the issue at the ongoing annual conference organised by the Society of Petroleum Engineers (SPE) Nigeria Council, said that indigenous oil producerS were faced with zero output and zero revenue due to the incessant attacks.

Avuru speaking at the conference with the theme: “Transparency in the Oil and Gas Business: An Imperative for Energy Security and Stability,” said the situation has thrown the producers into difficult times as most indigenous oil companies recorded zero revenue and production due to continuous militants attacks on pipelines operations.

He said that operators were no longer bothered by drop in crude oil price because when there was nothing to produce, there would be nothing to export for sale.