NEC C’TTEE: FG LACKS RESOURCES TO STOP VANDALISM, OIL THEFT

The ad hoc Committee on Crude Oil Theft Prevention and Control of the National Economic Council (NEC) has revealed that government does not have adequate operational vessels to patrol and secure the network of pipelines in the Niger Delta.

Briefing journalists at the end of the 67th meeting of NEC which held on Thursday at the Presidential Villa in Abuja, the Deputy Governor of Bayelsa State, Admiral John Jonah Atuama (rtd), said the committee also discovered that massive unemployment among youths in the Niger Delta region had contributed in no small measure to the rising incidence of oil theft and vandalism of oil company facilities in the region.

 

Read more @ Thisdaylive

GOVS ENDORSE MOVES TO USE MODERN TECHNOLOGY TO CURB PIPELINE VANDALISM

Nigerian governors have resolved to support the use of modern technology to fight pipeline vandalism and save the nation huge resources being lost to the activities of vandals.

Besides, they said using modern technology would serve a better purpose than using the military and para-military personnel.

Read more @ The Guardian

Pipeline protection: We won’t deploy drones now, says NNPC

The deployment of drones to monitor petroleum products pipelines across the country is not going to take effect anytime soon, the Nigerian National Petroleum Corporation has said.

About two months ago, the NNPC promised Nigerians that it would end oil theft and pipeline vandalism within eight months through the deployment of drones to monitor pipelines and movement of oil vessels in the nation’s territorial waters.

Read more @ Punch Online

PIB: INVESTORS PUT $150BN OIL, GAS INVESTMENTS ON HOLD

Investors have drawn back deals of over $150 billion meant for Nigeria’s oil and gas industry over the incessant pipeline vandalism and uncertainty in the country’s oil and gas regulatory policies and laws, investigation by New Telegraph revealed at the weekend. While $125 billion out of the sum is snagged by the fiscal instability, significant gaps and uncertainties in the oil and gas regulatory policies and laws, the incessant pipeline vandalism is responsible for the remaining $25 billion.

Read more @ New Telegraph

NNPC CONSIDERS COMMUNITY PROTECTION MODEL FOR PIPELINES

The Nigerian National Petroleum Corporation (NNPC) is considering adopting the community-based security model for the protection of its gas and oil pipelines across the country, its Group Managing Director, Dr Emma Kachikwu has said.

Speaking while receiving the Ambassador of Canada to Nigeria, Perry John Calderwood! at the NNPC Towers, Abuja, Dr. Kachikwu pledged to give a lot of attention to the perennial menace of pipeline vandalism and oil theft.

Read more @ The Guardian

LOCAL OIL FIRMS' PRODUCTION HITS 300,000BPD

Indigenous players in the exploration and production (E&P) value chain of the oil and gas industry account for 300,000 out of the about 2.2 million barrels (bbls) of oil produced daily in the country.

The daily production, according to data, is supposed to be between 2.4 million barrels and 2.5 million barrels per day (bpd), but owing to vandalism and oil theft, the volume sometimes drops to 2.1 million bpd.

Read more @ The Nation

NIGERIA'S OIL REVENUE DROPS TO $32.3BN, SAYS IMF

Revenue received by the federation from crude oil sales, Petroleum Products Taxes (PPT), and royalties (after subsidies provided by Nigerian National Petroleum Corporation (NNPC) and cash calls) has decreased from $45 billion in 2011 to $32.3 billion in 2014, according to International Monetary Fund (IMF) Country Report on Nigeria.

Besides, between 2011 and 2014, oil lifting fell from 2.38 to 2.19 mbpd (71⁄2 per cent decline), largely due to stoppages associated with pipeline vandalism.

Read more @ The Guardian

NIGERIA LOSES N8BN TO GAS PIPELINE VANDALISM

Nigeria has lost a minimum of N8.04 billion since January, to the incessant vandalism of the country’s gas pipelines, according to the Nigerian Gas Company, NGC, a subsidiary of the Nigerian National Petroleum Corporation, NNPC.

Speaking at a press briefing in Warri, Delta State, the Managing Director, NGC, Mr. Dafe Sejebor, disclosed that since the beginning of this year the country has witnessed an unprecedented increase in the spate of gas pipeline vandalism

Read more @ SweetCrude Reports

NNPC PLACES NIGERIA’S CURRENT CRUDE OIL LOSSES AT 60,000B/D

The Nigerian National Petroleum Corporation (NNPC) on Wednesday estimated that Nigeria currently loses about 60,000 barrels of crude oil and condensate per day through petroleum pipeline vandalism and sabotage.

The NNPC also said the current crude oil production capacity loss has increased in recent times due to upsurge in attacks on crude oil and gas pipelines, especially on the Escravos-Lagos Gas Pipeline (ELGP) which it disclosed was vandalised at four different break points over the last weekend.

Read more @ Thisdaylive

INSECURITY THREATENING OIL PRODUCTION, SAYS MINISTER

The Federal Government on Monday admitted that the lingering security challenges in the country is threatening the nation’s leading position in oil production and exports.

Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke at the International Health Safety and Environment Biennial Conference in Lagos Monday, bemoaned the spate of vandalism and oil theft that have become a cankerworm to the growth of the industry.

Read more @ The Guardian

NIGERIA’S CRUDE REFINING TO DROP FURTHER

The country’s four refineries are currently operating far below optimal capacity owing to their prolonged state of disrepair. Falling oil prices and pipeline vandalism are further threatening their output.

Nigeria is currently under fresh pressure to reduce the quantity of crude oil being refined in its four refineries.

Read more @ The Punch

FG URGED TO PREVENT LEAKAGES IN OIL PRODUCTION

In view of the effects of dwindling crude oil price on the Nigerian economy, the federal government has been advised to intensify efforts at preventing leakages and pipeline vandalism, which disrupt oil production.

This, according to analysts at the Financial Derivatives Company Limited (FDC), would help increase the Nigeria‘s oil production and in turn, minimise the impact of falling oil prices on revenues and external reserves.

Read more @ Thisday Live

NIGERIA LOSES N38.8B TO OIL THEFT, PIPELINE SABOTAGE

THE menace of pipeline vandalism and oil theft may have cost the nation about $243 million (N38.8 billion) in 2013, according to the Nigerian National Petroluem Corporation (NNPC).

The Group Managing Director, NNPC, Joseph Dawah, who made this known at an industry event in Abuja recently, said Nigeria lost  $243 million worth of oil products last year from sabotage to the country’s pipeline network

Read more @ The Guardian