Chevron Nigeria has bemoaned the spate of oil theft, illegal oil refining, and pipeline vandalism. The oil major believes the actions are threats to Nigeria’s economy.
The company shared this in a position paper presented at a one-day seminar on advocacy against crude oil theft in Warri, Delta State. It said the challenges have continued to make it difficult for the country to meet its revenue projection, and at the same time have polluted the environment in the Niger Delta region.
The spate of oil spills and explosions have become too frequent in the region because of pipeline vandalism and bunkering which has left oil pipelines vulnerable to leaks, spills and major accidents.
The company revealed that “the United Nations Security Council estimates that Nigeria lost $2.8 billion of revenue to oil theft in 2017. It has also been reported that every day, oil companies in Nigeria lose between 300,000 and 400,000 barrels of oil to illegal oil theft”.
In one way or another, indigenous and international oil companies have been affected by the oil thieves engaging in illegal bunkering and local refining operations.
Speaking on the way forward, the company said one solution to the issue of illegal oil bunkering, is the establishment of modular refineries in the region, adding that the Federal Government must express commitment to pursuing the goal of establishing such refineries.