Nigerian state petroleum company lost $1.3 billion in 2015

AP News
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Posted: Feb 04, 2016 11:23 AM
Nigerian state petroleum company lost $1.3 billion in 2015

LAGOS, Nigeria (AP) — Nigeria's state oil company lost 267 billion naira ($1.3 billion) in 2015, even as it tried to pump more oil to counter slashed world prices, the Nigerian National Petroleum Corp. said Thursday.

The corporation's monthly report posted at its website shows the biggest losses recorded at its headquarters, by three refineries and a subsidiary that sources and distributes refined products. Nigeria is Africa's biggest oil producer but imports most refined products because its refineries are inefficient.

Petroleum production averaged 1.6 million barrels a day last year with swings from a million barrels a day in February to 2.5 million barrels a day in October. Oil used to account for 70 percent of government income, back when it cost $130 a barrel in 2013 not today's $30.

It comes as the government is looking for loans to help fund a budget deficit of at least $10 billion.

According to the report, profits came from the Nigerian Gas Co., 34.9 billion naira ($175 million) and from oil and gas exploration and production, 16.9 billion naira ($85 million) in 2015.