Group Managing Director of the Nigerian National Petroleum Company Ltd, Mele Kyari is seeking the support of the National Association of Petroleum and Engineering Gas Workers, the National Association of Road Transport Owners and other stakeholders in the oil and gas sector to tackle the issue of crude oil theft in the Niger Delta region.
He said this yesterday at the 5th quadrennial delegate’s conference holding in Asaba, Delta State.
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The conference with the theme, “Just Energy Transition: For oil and gas workers social welfare and security” was attended by the Minister of Labour and Employment Dr Chris Ngige who was represented by the President of the Nigerian Labour Congress, Ayuba Wabba; the Governor of Delta State who was represented by his deputy and the Group Executive Director (Upstream), NNPC Ltd, Engr. Adokiye Tombomieye and other senior government officials.
The theft of crude oil has been having a negative effect on the revenue of the federal government.
This development is worrisome as it is denying the country the much-needed funding to boost economic development.
Apart from revenue loss, the issue of oil theft is currently threatening not only the NNPC’s quest for energy security for the country, it is also having a debilitating effect on Nigeria’s revenue earnings.
A report released last month during a meeting on crude oil theft between the Nigerian Upstream Petroleum Regulatory Commission and Oil Producers Trade Section, as well as the Independent Petroleum Producers Group, showed that between January 2021 and February 2022, Nigeria lost a whopping $3.2bn to crude oil theft.
The amount when converted by the official N416.25 to a dollar exchange rate translates to about N1.36trn.
