Oil theft: Nigeria still loses 400,000 barrels daily - Ribadu - NEWS FRONTIER DAILY


Sunday, August 27, 2023

Oil theft: Nigeria still loses 400,000 barrels daily - Ribadu

The National Security Adviser (NSA), Nuhu Ribadu, said Nigeria still loses about 400,000 barrels of crude oil daily to thieves in the Niger Delta.

He said the prolonged theft has seriously affected the nation’s economy, while leaving the environment highly polluted.

Ribadu, who led a presidential delegation to inspect the oil and gas facilities at Owaza in Abia and Odogwa in Etche LGA of Rivers, weekend, said: “It’s unfortunate that few individuals would steal our common resources, and in the process cause unbelievable loss to both the nation, communities and the people.

 “Nigeria has the capacity to produce 2 million barrels of crude daily, but we are currently producing less than 1.6 million barrels due to theft and vandalism of pipelines. So, we are talking about 400,000 barrels of crude oil going to waste.

“The value of 400,000 barrels of oil today is about 4 million dollars, and every day, we lose this amount because of this irresponsible behaviour. If you multiply 4 million dollars by 365 days (one year), you will see that it is a lot of money running into billions of dollars.”

Similarly, the Minister of Defence, Muhammed Badaru, said: “We are ready to do whatever it takes for a peaceful Niger-Delta, give peace a chance, cease and desist from crude oil theft and economic sabotage.”

Also speaking, the Group Chief Executive officer, Mele Kyari, noted that while oil theft in vessels can be tracked, the Host Communities must play a vital role in curbing it within their communities where oil facilities are situated.

He said: “This, Honourable Minister is part of reasons why we cannot meet our OPEC quota.”

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