Breaking News
Translate

Oil Theft: Shell predicts fall in Bayelsa’s revenue share

BY Samuel Oyadongha

Yenagoa—Bayelsa State’s allocation from the Federation Account may drop following the continued shut down of Shell Petroleum Development Company operated Nembe Creek Trunk Line, NCTL.

The 97km NCTL was shut down April 15, to remove crude oil theft connections, investigate suspected oil theft leaks and effect repairs.

The production of some 150,000 barrels of oil per day had been deferred due to the shutdown of the facility, prompting the oil company to declare force majeure on Bonny Light export.

Hints that oil theft and the shut down of the NCTL may affect the revenue accruing to the state were dropped during a workshop organised by Shell for journalists in Yenagoa.

Speaking at the event, the Government/Community Relations Manager, East, Mr. Fufeyin Funkakpo, said crude oil theft that resulted in oil spillage and subsequent closure of Nembe Creek Trunk Line, may affect the state’s revenue derivation allocation from the Federation Account soon.


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.