Oil theft, danger to national security – Osinbajo

Vice President Yemi Osinbajo says oil theft poses a great danger to national security.

This is just as the Presidential Special Investigative Panel on Oil Theft and Losses, sought stiffer penalties for oil thieves.

Speaking in Abuja yesterday at a stakeholders’ conference on oil theft and losses, Osinbajo said: “Oil theft and sabotage of oil and gas assets are a clear and present danger to our economy and national security.

“Not only do they pose a serious threat to oil exploration and our energy economy, but they also impact negatively on revenue accruals to the federation and the business prospects of investors in the oil sector if left unchecked”.

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Earlier, the chairman of the presidential panel, Barry Ndiomu, said oil theft had had hindered Nigeria’s crude oil production, plunging output to a 13-year low of 800,000bpd.

National Security Adviser, Babagana Monguno, said oil thieves had increased the level of sophistication, considering the various methods they employed to tap primary pipelines with illegal secondary pipes to load on barges and sell to international collaborators or to process locally for illicit domestic sale.

The Minister of State for Petroleum Resources, Timipre Slyva, said the government’s efforts in securing oil assets were yielding results.

He said this would be sustained to achieve the Organisation of Petroleum Exporting Countries (OPEC) quota.