How Nigeria lost $2.75bn to oil thieves, vandals in 2019 ─P-PESPI

* Urges immediate intervention by The Presidency

Isola Moses

Urging the Federal Government to intervene in the persistent oil sleaze, a group known as Partner for Petroleum and Energy Sector Prosperity Initiative (P-PESPI) has called on President Muhammadu Buhari to immediately intensify his intervention to stop criminals from vandalising and stealing the nation’s oil wealth.

Charles Ibiang, Chairman of P-PESPI, in a statement Sunday, January 5, 2020, stressed that The Presidency’s intervention had become more than necessary as “the nation recorded a loss of $2.75 billion to such activities in 2019 alone.”

With particular reference to the Aiteo E&P Nembe Creek Truck Line (NCTL) pipelines, the group said that the persistent criminal activities of vandals were also disrupting the nation’s revenue inflow.

“The P-PESPI has observed with Concern and condemns in strong terms the persistent and deliberate sabotage of the Aiteo E&P Nembe Creek Truck Line Pipelines and other Critical National Petroleum Pipelines Assets by criminals.

“These illegal activities around these critical National Petroleum Assets has caused a lot of disruptions in revenue inflow to government, affected the environment of the host communities and Aiteo/oil companies commercial interests,” Ibiang stated.

He added: “P-PESPI, therefore, passionately appeals to President Muhammadu Buhari to declare a Security Red Alert over NCTL in particularly so as to stop the persistent and deliberate Sabotage of these critical assets.

“Mr. President sir, the constant attack and disruptions of the NCTL are worrisome and seriously affecting the environment of the host communities along the trunk of the Niger Delta, a region your government is devoting so much attention and spending huge resources to clean up,” he said.

The group noted that the disruptions on NCTL have seriously affected crude production, transportation from Eroton, NewCross, Belema Oil and SHELL Fields.

The industry information from NEITI, NNPC, NEC Adhoc Committee on Prevention/Control of Crude Theft and other sources reveal that “Nigeria in 2019 recorded a loss of 22.64million barrels of crude oil valued at $1.35billion for the half-year and $2.7billion for the full year at a global oil price of US$60 per barrel.