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Nigeria loses over N5bn daily to crude oil theft, vandalism

The Nigerian National Petroleum Corporation (NNPC) says the country loses an average of 200,000 barrels of crude oil daily due to theft and vandalism. Considering the current world Brent crude oil price of $67 per barrel, this translates to about N5.1 billion using the current official exchange rate of N381.15 per barrel.

Mele Kyari, the NNPC group managing director, said this at a meeting with Lucky Irabor, the Chief of Defence Staff, on Wednesday.

The meeting discussed ways of strengthening collaboration towards securing Nigeria’s critical oil and gas assets and facilitating NNPC’s operations.

Kyari commended the security agencies for their support and called for more protection for NNPC’s operational assets and personnel.

“Though petroleum products theft on the system 2B pipeline has reduced considerably due to support from the security agencies, but the nation is still losing about 200,000 barrels of crude oil daily to theft and vandalism,” he said.

“We have two sets of losses, one coming from our products and the other coming from crude oil.

“In terms of crude losses, it is still going on. On the average, we are losing 200,000 barrels of crude every day.”

Highlighting the benefits of NNPC’s operations to the sustenance of Nigeria’s economy, Irabor said the armed forces will cooperate fully with the corporation’s management towards providing the necessary framework that will enable the military support it to operate optimally.

“I am delighted that you made this effort, and I tell you that the armed forces of Nigeria will collaborate with you to protect NNPC’s assets,” he said.

“It is my intention to cooperate maximally with you and to give necessary instructions to all officers in the armed forces given that our existence, economically, rests almost solely on the NNPC.

“To that extent, we must do everything possible to give you everything that you require.”

Irabor said the armed forces will not relent in safeguarding the lives and properties of Nigerians.

 

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