Tags: AF | Nigeria | Oil | Losses

Nigeria: Up to $100 Billion Lost from Oil Militant Attacks

Tuesday, 14 February 2017 02:52 PM

WARRI, Nigeria (AP) — Nigeria's petroleum minister says the country lost between $50 billion to $100 billion in oil revenues to militant attacks on installations last year.

Minister Ibe Kachikwu says at their worst, the attacks cut production to 1.2 million barrels a day — a loss of 1 million barrels a day.

He spoke in a video posted on social media Tuesday announcing a 20-point plan to end decades of insurgency through investment in social and infrastructure development in the oil-rich Niger Delta.

Militants say careless oil production has wrecked the environment and impoverished residents by destroying agriculture and fishing grounds.

Kachikwu has promised to work with both residents and multinational oil companies to get militants in school and bring oil employment opportunities to those in Nigeria's southern oil-producing states.

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Nigeria's petroleum minister says the country lost between $50 billion to $100 billion in oil revenues to militant attacks on installations last year.Minister Ibe Kachikwu says at their worst, the attacks cut production to 1.2 million barrels a day - a loss of 1 million...
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2017-52-14
Tuesday, 14 February 2017 02:52 PM
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