Wednesday, July 6, 2022
MARKET UPDATE
Advertisement

TheCable

We are determined to end oil theft, says FG

We are determined to end oil theft, says FG
March 23
17:56 2022

Timipre Sylva, minister of state for petroleum resources, says the federal government is determined to end illegal oil bunkering.

 The minister, on Wednesday, said this during an on-the-spot assessment of some pipelines impacted by activities of oil bunkers in Emeoha local government, Rivers state.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had said the country loses more than 115,000 barrels per day to oil theft and vandalism.

“We are actually determined to stop it because we know that we can not afford the continuation of this insecurity in the oil industry,” he said. 

Advertisement

“So I want to just let everybody know that these criminals have their days numbered. 

“We are here to ensure that this problem is finally resolved to reclaim this industry for the country because this country has lost so much from the activities of these criminals, and the government and the country can no longer afford these activities and that is why we are here.”

According to him, insecurity was a major issue bedevilling the sector, and proactive steps were taken to tackle the issue. 

Advertisement

“The single biggest problem in our industry today is the problem of security,” he said.

“This has come to the attention of everyone including Mr President has directed myself and the CDS and also the GMD of the NNPC to ensure that this problem is handled once and for all.” 

Sylva added that the host communities, the government and operators must play their part to completely eradicate the menace in the industry.

“I agree with you completely. There are three elements to the solution of this problem,” he said. 

Advertisement

“The communities must be involved because these people who are engaged in these illegal activities are not ghosts. They are from communities – so the communities have to be involved. 

“You the security must be involved also because you are the law enforcement arm of the government. 

“And of course, we also as part of government must be involved.

 “And then, the third arm is the operating companies. All the elements are complete now. We are here as government, the operating companies are here and of course, we are going to the communities so I believe that finally this problem will be resolved.” 

Advertisement

Oil producers in Nigeria had decried the illegal activities of oil vandals, saying these oil bunkers cashed in ‘petrodollars’ while Nigeria is bedevilled by low production.

Austin Avuru, former chief executive officer of Seplat Energy Plc, had said a major proportion of Nigeria’s oil production was lost to theft.

Advertisement

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment