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Wednesday, December 4
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Nigeria oil industry on brink of collapse

By Updated: Extractive and Energy No Comments5 Mins Read
A man works at an illegal oil refinery site near river Nun in Nigeria's oil state of Bayelsa November 27, 2012. Thousands of people in Nigeria engage in a practice known locally as 'oil bunkering' - hacking into pipelines to steal crude then refining it or selling it abroad. The practice, which leaves oil spewing from pipelines for miles around, managed to lift around a fifth of Nigeria's two million barrel a day production last year according to the finance ministry. Picture taken November 27, 2012. Source: REUTERS/Akintunde Akinleye - The Exchange
A man works at an illegal oil refinery site near river Nun in Nigeria's oil state of Bayelsa November 27, 2012. Thousands of people in Nigeria engage in a practice known locally as 'oil bunkering' - hacking into pipelines to steal crude then refining it or selling it abroad. The practice, which leaves oil spewing from pipelines for miles around, managed to lift around a fifth of Nigeria's two million barrel a day production last year according to the finance ministry. Picture taken November 27, 2012. Source: REUTERS/Akintunde Akinleye - The Exchange

The year started out as very promising, Nigeria’s crude oil and gas export sales revenue hit a record USD434.85 million in January. That was apparently the best the sector would do this year. It is estimated that the country’s oil revenue is likely to decline by 80 percent this year.  In fact oil export volume

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Giza Mdoe is an experienced journalist with 10 plus years. He's been a Creative Director on various brand awareness campaigns and a former Copy Editor for some of Tanzania's leading newspapers. He's a graduate with a BA in Journalism from the University of San Jose. Contact me at giza.m@mediapix.com

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