Nigeria’s oil firms face zero revenue, post losses –

The revenue woes facing local oil companies following the sharp drop in global oil prices have been worsened by the recent upsurge in militant attacks in the Niger Delta, industry players have said.

They stated this at the 40th Nigeria Annual International Conference and Exhibition of the Society of Petroleum Engineers in Lagos.

The Managing Director, Seplat Petroleum Development Company Plc, Mr. Austin Avuru, said about 70 per cent of the nation’s production from the traditional terrain of onshore and shallow water had been locked in.

“A year ago, we were battling with zero production and zero revenue for upwards of five, six months. Some of us no longer check the oil price, it has become irrelevant. Oil price is only relevant when you produce,” Avuru stated.

He added that the oil and gas industry was undergoing a major transformation a couple of years ago aimed at moving it away from just being a primary revenue earner for the Federal Government to becoming an enabler of economic development.