The worsening oil theft – Tribune Online

RECENTLY, the Nigerian National Petroleum Company Limited (NNPCL) gave scary statistics on oil theft in the country, saying that it was losing $700 million every month to oil theft and vandalism at terminals.  Speaking during a tour of NNPCL facilities, Bala Wunti, the group general manager, National Petroleum Investment Management Services (NAPIMS),  a corporate services unit in the upstream directorate of the NNPCL, said that the security challenges experienced in the oil sector were hindering oil production in some of the country’s terminals. According to him, oil thieves and pipeline vandals had crippled the pipelines, particularly those around the Bonny oil export terminal. He said: “If you’re producing 30,000 barrels a day, you get 1,940 barrels every month. What it means is that you can take it to 270 every four days and calculate it for a month; you will have seven million barrels. When you multiply seven million barrels by $100, that is $700 million lost per…

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