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Nigeria lost over N200bn worth of petroleum products to vandals in 10yrs – NNPC

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An NNPC report has revealed that between 2008 and 2017, Nigeria lost a total of N205.4 billion worth of petroleum products to vandals who hacked into petroleum products pipelines in Nigeria.

The report, NNPC Annual Statistical Bulletin (ASB) for the period 2017, showed that the total monetary losses were from the siphoning of about 2,046.62 metric tonnes of petroleum products from the NNPC’s pipelines by the vandals.

NNPC also reported that between 2013 and 2017, a period of five years, Nigeria lost crude oil worth N74.073 billion to either oil line vandals or production inefficiencies. It stated that within this period, the number of pipeline vandalism it recorded was 13,486 while ruptures were 242.

According to the NNPC ASB, Nigeria also flared up to 4,624,635,819 cubic feet of gas within 10 years, which was between 2008 and 2017, just as over 295 million barrels (mb) of crude oil were supplied to the corporation’s three refineries in Warri; Port Harcourt and Kaduna for refining.

It explained that between 2008 and 2017, Nigeria produced about 7.8 billion barrels of crude oil, with Production Sharing Contracts (PSCs) accounting for about 2,973,652,993 barrels of the production volumes.

For petrol importation within the 10-year period, the ASB said the Pipeline and Products Marketing Company (PPMC) of the NNPC imported about 54,839,875 metric tonnes of petrol for distribution. The corporation also recorded about 227 cases of fire outbreaks at its facilities in Warri; Port Harcourt; Kaduna, Gombe and Mosimi.

Source This Day
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