Shortly after the bomb explosion which rocked the Escravos plant of Chevron in Delta State in the early hours of the 26th of may, 2016, the oil company was forced to shut down its operation, more especially since today mark the deadline given to it by the deadly millitants to halt production and leave the region.
The Niger Delta millitants who has claimed responsibility for the incessant bombings and vandalization seem not be backing down from threat made. The millitants in a tweet message earlier this morning said they had already warned Chevron to stop operation but they wouldnt't listen, hence the mayhem was unleashed.
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Nigeria is currently in a pure stagflation - high inflation accompanied by stagnant growth, recession and high unemployment. In March, fuel sold at N300, which was more than 300% above its normal price, the Bureau of Statistics reported a 12.8% inflation.
Sources said that Escravos onshore production accounts for roughly a third of Chevron’s total output, on average 3.8 million barrels per month (bpm) in 2014
Further report says that Escravos onshore production accounts for roughly a third of Chevron’s total output, on average 3.8 million barrels per month (bpm) in 2014. The company’s projected exports for the first half of 2016 averaged 167,000 barrels per day (bpd) or about five million barrels per month. .
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It is noteworthy that the Escravos production was already down by more than 40,000 barrels per day after the attack on one of Chevron offshore facility on 5th of May. The continous bombings and interruprion in production output has discouraged lots of buyers further report claim.
It is advisable for the dictator in chief who has hardened his heart to meet their demand or risk more economic mishap befalling Nigeria.
Written By Nwosu C.S
For Biafra Writers