Oil & GasTrending Story

Nigeria Loses $750m to Oil Theft in 2019 – NNPC

519

 

 

The Nigerian National Petroleum Corporation (NNPC) has disclosed that the nation lost about $750 million to oil theft in 2019.

In a presentation to members of the Executive Intelligence Management Course 13 of the National Institute for Security Studies (NISS) who visited the NNPC Towers, Abuja, on a study tour Tuesday, the Group Managing Director of NNPC Mallam Mele Kyari, decried the growing activities of oil thieves and pirates which he described as a threat to the operations of the  corporation.

The GMD who spoke on the topic: “Piracy in the Gulf of Guinea; Issues, Challenges for International Trade, National Security and Sustainable Development of Member States”, stated that any threat to the corporation’s operations was a direct threat to the very survival of Nigeria as nation because of the strategic role of the corporation as an enabler of the economy.

He listed other security challenges facing the corporation to include vandalism of oil and gas infrastructure and kidnapping of personnel, adding that there was a deep connection between the various shades of insecurity challenges as they are all linked to what was happening in the Gulf of Guinea and the entire maritime environment.

He called for a concerted effort and synergy to secure oil and gas operations for the economic survival of the country.

Responding to questions on the challenge posed by the proposed energy migration by most western countries to renewables, the GMD said that fossil fuels would still be relevant and that the demand for crude oil would not reduce in the nearest future.

“Even by 2050, fossil fuel would account for 80 per cent of the energy mix, and there would still be consumption of at least, 100 million barrels of oil per day. We are determined to remain relevant in the long term”, he assured.

In his presentation, NNPC Chief Operating Officer, Downstream, Engr. Yemi Adetunji, said in 2016, the Gulf of Guinea accounted for more than half of the global kidnappings for ransom, with 34 seafarers kidnapped out of 62 cases worldwide.

 

He said the corporation was working closely with security agencies to tackle the security challenges, and cited the “Operation Kurombe” that was recently conducted by the Nigerian Navy at the Atlas Cove as an example of such collaborative efforts.

On his part, the Executive Director, National Institute of security Studies, Dr. Ayodele Adeleke, called for synergy among the security agencies to tackle the security challenges not only in the Gulf of Guinea, but in the Nigerian Petroleum Industry generally.

The visiting team was drawn from 18 agencies within and outside Nigeria.

Leave a comment

Related Articles

NNPCL’s Chief Corporate Communications Officer, Femi Soneye, Steps Down

Mr. Olufemi Soneye, the Chief Corporate Communications Officer of the Nigerian National...

NUPRC Unveils Measures to Boost Oil Industry Transparency, Curb Theft

By Joycelyn Ellakeche Adah The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has...

NNPC Ltd. Partners Baker Hughes to Drive Growth in Nigeria’s Oil and Gas Sector

The Nigerian National Petroleum Company Ltd (NNPC Ltd.) is exploring a strategic...

Nigeria Still Africa’s Top Oil Producer Despite Output Drop – OPEC

Despite a decline in production, Nigeria has retained its position as Africa’s...

PENGASSAN Urges Govt to Prioritize Security for Oil and Gas Infrastructure

The Petroleum and Natural Gas Senior Staff Association (PENGASSAN) has urged the...

Pres. Tinubu Felicitates NNPCL CEO Bayo Ojulari on 60th Birthday

President Bola Tinubu has extended his warm congratulations to Bayo Ojulari, the...

NUPRC Gets Comprehensive Audit Report on Oil & Gas Measurement Systems

By Joycelyn Ellakeche Adah The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has...

NNPC Foundation Empowers 531 NYSC Members with Business Starter Packs, ₦531,000 Grants

By Joycelyn Ellakeche Adah The Nigerian National Petroleum Company (NNPC) Foundation officially...

Updated: Tinubu Charges NNPCL Board to Leverage Expertise in Economic Revitalization

President Bola Tinubu inaugurated the NNPC Limited Board at the State House...

Pres. Tinubu Inaugurates Board of NNPCL, Signals New Era

President Bola Tinubu administered the oath of office to the newly appointed...

Minister Kicks Off Building of Bauchi Oil and Gas Academy’s Permanent Campus

By Joycelyn Ellakeche Adah In a move aimed at bolstering human capital...

FG Pledges to Meet 2.5m Barrels Per Day Oil Production Target 

The Federal Government has reiterated its commitment to achieving a daily crude...

I took risks, pushed boundaries to sustain my brand for 20 years – Mercy Aigbe

Mercy Aigbe has taken a moment to celebrate her journey in the...

Presidential Initiative Rejects Blackmail Attempt by Former CNG Conversion Partner, Threatens Legal Action 

By Joycelyn Ellakeche Adah The Presidential CNG Initiative (PCNGI) has come out...

NNPC Ltd., Chevron Nigeria Ltd. Strengthen Partnership for Gas Development

The Group CEO of NNPC Ltd., Mr. Bashir Bayo Ojulari, has underscored...

NNPCL’s New GCEO, Ojulari, Unveils Visionary Plans for Energy Transformation, Growth

Mr. Bashir Ojulari, the newly appointed Group Chief Executive Officer of the...

Strategic Partnerships Key to Achieving Presidential Mandate, Says NNPCL GCEO

Joycelyn Ellakeche Adah The newly appointed Group Chief Executive Officer of NNPC...

US set to strengthen energy ties with Nigeria, says NNPCL Spokesman, Soneye

The United States and Nigeria have reaffirmed their commitment to collaboration in...

Trump’s Tariff Policies Spark Oil Market Volatility, Threaten Nigeria’s Economy – NMDPRA Boss

The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory...

NNPCL announces new eight-member management team

The Nigerian National Petroleum Company Limited (NNPCL) has unveiled a new eight-member...