The Rising Menace of Oil Thieves - THISDAYLIVE

With tension brewing between the United States and Iran following last week attack on a Saudi Arabian oil facility which removed as much as five percent of global supplies, there has been an unprecedented jump in the price of crude. With that, there is the temptation to believe Nigeria will benefit from the current ‘harvest’. But it is highly unlikely for two reasons.

What is even more instructive is that barely a month after that report , the Nigeria Natural Resource Charter revealed that our country lost a whopping N1.6 trillion to oil theft in 2016 and N995 billion in 2017. That amounts to a combined loss of N2.6 trillion for the two years. And last month, , the Nigeria National Petroleum Corporation admitted that Nigeria lost as much as 22 million barrels of oil to theft in the first half of this year.

I am aware of current efforts to deal with this challenge. The Federal Executive Council recently approved the ‘Deep Blue Project’ to achieve four major objectives: prevention of illegal activities in the Nigerian Exclusive Economic Zone; enforcement of maritime regulations; enhancement of safety at sea and prevention of illegal activities in the Niger Delta back waters where most of the oil theft occurs. It is to be funded by NIMASA but operationalized by the Nigerian military led by the Navy.

Meanwhile, the NNPC Monthly Financial and Operations Report recently revealed about 75 per cent rise in cases of oil pipeline vandalism across its network of pipeline infrastructure. According to the report, from the 60 points vandalized in May, the figure of breached pipeline points had risen to 109 in June.

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