Nigeria has lost an estimated $1billion (N156 billion) revenue in seven days as a result of the shutdown of 140,000 barrels of oil per day Nembe Creek pipeline, the Shell Petroleum Development Company (SPDC) has said.
Last week Tuesday, the SPDC announced shut down of the Nembe Creek Trunkline as a result of leakage caused by the activities of vandals.
Shell had said in a statement that it "declared force majeure on Bonny Light offtake programme effective 5th March, following the shutdown of Nembe Creek Trunkline (NCTL) after a leak was observed on Sunday."
As at yesterday, the average price of crude stood at $105 per barrels at the international markets.
Force majeure is a legal term releasing a company from contractual obligations due to circumstances beyond its control. Bonny Light is one of the main grades of crude oil produced in Nigeria.
Shell spokesperson, Precious Okolobo said yesterday there is no time fixed yet for the reopening of the truckline.
"We cannot give precise timing yet," Okolobo said when asked about a possible date for the lifting of the Force majeure.
The recent upsurge in oil theft and pipeline vandalism in the Niger Delta has forced the federal government to review its strategy.
Last Friday, key stakeholders in the security and oil sector met to re-strategise on how to tackle the menace despite billion of Naira being paid to contractors to supervise the waterways and coastal areas.
Those who attended the meeting include Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, Minister of Transport, Senator Idris Umar, Chief of Naval Staff, Vice Admiral Joseph Dele Ezeoba, Representative of the Inspector General of Police, Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Engr. Andrew Yakubu, Managing Director of the Pipeline and Products Marketing Company (PPMC), Mr Haruna Momoh, and the Director General of Nigerian Maritime Administration and Safety Agency (NIMASA), Mr. Ziakede Patrick Akpobolokemi.