By admin Sep, 05, 2024 Business
The Nigerian National Petroleum Company Limited (NNPCL) reported 188 cases of oil theft between August 24 and 30, 2024, with incidents spread across the Niger Delta. Key findings include:1. Illegal Refineries: 89 illegal refineries were located and dismantled in Bayelsa, Abia, and Rivers States.
2. Connections and Spills: Numerous illegal pipeline connections caused oil spills in these states.
3. Seizures: Trucks and boats transporting stolen crude oil were seized in Delta, Bayelsa, Rivers, and Akwa Ibom.
4. Arrests: 31 suspects were arrested and handed over to authorities.
5. Vandalism: Metal-laden boats from vandalized oil wells were intercepted.
NNPCL's CHALLENGES:
NNPCL's CEO, Mele Kyari, described oil theft as Nigeria's most severe economic crime. He revealed that over 4,800 illegal pipeline connections have been dismantled but warned that many more remain in operation. Kyari expressed frustration with the persistence of oil theft despite their efforts, highlighting that these illegal connections are massive and require advanced expertise to install, causing significant losses to Nigeria's oil industry.
Tags: Nigeria oil theft NNPCL NNPC Nigeria crude oil issues
Share On Facebook Twitter Linkedin Whatsapp Telegram
Categories
Latest Post
- Stock Analysis- Dangote Cement: The Backbone of Nigeria’s Cement Industry
- Quantum Computing Stocks Plunge After Nvidia CEO Predicts Long Timeline for Breakthroughs
- Jefferies Financial Group Posts Strong Q4 Earnings and Boosts Dividend Jefferies
- Economic News
- Market News - Summary December 8th
- Seplat Aims to Boost Crude Oil Production to 120,000bpd
- Carvana Stock Rises 4,000% in Two Years: What’s Ahead for 2025?
- McDonald's Expands Value Offerings with McValue Program and New Promotions
- Uber Partners with Nvidia to Advance AI in Autonomous Vehicles
- Economic News
Start investing with Acorns today! Get $5 when you use my invite link: Z24WWE
