A total of N 41. 98 billion was spent on pipeline repairs and management cost in the first half of this year, the Nigerian National Petroleum Corporation disclosed in its latest monthly oil report.
The corporation said that products theft and vandalism have continued to destroy value and put the company at the disadvantaged competitive position.
According to the NNPC, a total of 1, 067 vandalised points were recorded between June 2019 and June 2020
A total of 33 pipeline points were vandalised in June 2020, representing about 11 per cent decrease from the 37 points recorded in May, the corporation said.
The NNPC said, “Mosimi -Ibadan accounted for 33 per cent while ATC -Mosimi and Warri -River Niger recorded 27 per cent of the breaks each; other locations make up for the remaining 13 per cent.
It said it was in collaboration with the local communities and other stakeholders as it continuously strives to reduce and eventually eliminate this menace.
Recall that in August, the NNPC called on investors to bid for the repairs of pipelines and depots across the country, adding that the rehabilitation of the facilities would be done through a build, operate and transfer model.
Poor maintenance and vandalism have left many of the depots and pipelines idle for years, with the number of fuel tankers on the roads increasing and wreaking havoc.
The corporation spent N5. 48bn on pipeline repairs and management cost in January; N 6. 74bn in February; N 7. 69bn in March; N 7. 84bn in April; N 7. 99bn in May and N 6. 24bn in June.