The NNPC has revealed the worrisome problem of Nigeria's crude oil theft after it released huge figures Nigeria losses as a result of oil theft.
Dr. Emmanuel Ibe Kachikwu, Group Managing Director of NNPC
The Nigerian National Petroleum Corporations has said that between January and September this year, Nigeria lost about N48bn to crude oil theft. The corporation also revealed that the N48bn is aside what the losses recorded by the NNPC during the period under review.
In order to stall further theft of Nigeria's oil, the corporation has put in place stringent measures to curb the incessant stealing. According to its latest monthly financial and operations report for September 2015, the NNPC stated that it had adopted pipeline security reforms that would ensure reduction in crude oil theft as well as address the loss of other petroleum products.
“A comprehensive reform of the pipeline security situation will unlock several industry upsides, including improved upstream oil production due to reduced pipeline disruptions, improved refinery utilisation due to increased crude oil feed from restored pipelines, and reduction of crude/product losses, which account for about N48bn out of the losses recorded by the corporation in 2015 alone.
"A 90-day programme is currently ongoing to reassess/resuscitate the refineries. Consequently, the NNPC has embarked on a change agenda termed the ‘20 Fixes’, which identifies 20 critical issues that need to be addressed in order to re-position the corporation on the path of profitability,” the corporation said.