• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Thursday, July 10, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Stakeholders Seek Ways To Tackle Crude Oil Theft

by Olushola Bello
3 years ago
in Business
oil tefth
Share on WhatsAppShare on FacebookShare on XTelegram

Stakeholders in the Oil and Gas sector have proffered solutions to oil theft and vandalism as the Country battle with dwindling revenue, security challenges, weak infrastructure and unsustainable fuel subsidy.

Advertisement

This was made known at the Lagos Chamber of Commerce and Industry (LCCI) public-private dialogue session oil oil theft held in Lagos.

The president of LCCI, Dr. Michael Olawale-Cole, said crude oil theft has taken a worrisome dimension spiking production costs to $32 a barrel, losses from pipeline vandalisation and theft are overwhelming International Oil Companies (IOCs).

He noted that several indigenous oil firms contend with rising operational expenses driven mostly by personnel, maintenance, and security costs, saying “there are concerns about the culpability of the nation’s security agencies as barges of oil cannot be stolen and moved on the coastal waters without the collaboration of some powerful stakeholders.”

He pointed out that the menace of oil theft has become a national disaster and a critical threat to the revenue base, adding that Nigeria is losing crude oil at the level of about 91 percent of output.

RELATED

Keystone Bank Donates ICT Centre To Nursing, Midwifery College In Borno

Keystone Bank Donates ICT Centre To Nursing, Midwifery College In Borno

15 hours ago
Wema Bank Set To Empower Women With ₦2m Grant At SheCan 6.0 Conference

Wema Bank Set To Empower Women With ₦2m Grant At SheCan 6.0 Conference

16 hours ago

Olawale-Cole explained that Nigeria lost $3.2 billion in crude oil theft between January 2021 and February 2022, as revealed by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the LCCI Oil Producers Trade Section, and the Independent Petroleum Producers Group (IPPG).

This puts the figure at about N1.36 trillion with the official rate of N416.25 to the dollar exchange rate.

“In the first quarter of 2022, oil theft was worth N434 billion (about $1 billion). This menace has prevented Nigeria from meeting its crude oil output capacity. Out of about 141 million barrels produced in the first quarter, about nine million barrels were lost to crude oil theft,” he said.

The MD/CEO of Waltersmith Petrolman Oil Limited, Mr. Chikezie Nwosu said: “we have to think differently about the crude theft, to reduce the amount of crude export on those line and  instead concentrate on building modular refineries next to each of these producing stations.”

The chief executive officer of Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe said that the monumental scale of losses arising from crude oil theft has created a hostile environment and disincentive to investors in the Nigerian upstream oil sector and magnitude of divestments in the industry.

According to him, many operators have undertaken deliberate shut-in of wells, facilities and pipelines which has further exacerbated the low production scenario. It is instructive to note that the above challenges have also impacted gas production, both for domestic utilisation and export.

On the ongoing effort at enabling the industry to deliver on the government production target of three million barrels of oil per day in three years, he stated that the commission has developed some key initiatives aimed at reducing the menace to the barest minimum in the short run, and eventual elimination in the long run.

He listed roadmap for tackling the security challenges in the industry as in identification and implementing areas of collaboration between the government and operators and ensuring that operators realise their full production potential.

He added that collaborating with the top echelon of the Nigerian Security Forces for a robust security framework that ensures Government Security Forces (GSF) provide pipeline and asset security; promote the implementation of Nodal surveillance technologies on the main trunk lines at each manifold for real-time loss detection that will enable swift and more proactive responses; among others.

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel



SendShareTweetShare
Previous Post

Airtel Africa Launches Smartcash To Boost Financial Inclusion

Next Post

$12.5m Calabar Port Dredging Contract: NPA Begins Out-of-court Settlement

Olushola Bello

Olushola Bello

You May Like

Keystone Bank Donates ICT Centre To Nursing, Midwifery College In Borno
Business

Keystone Bank Donates ICT Centre To Nursing, Midwifery College In Borno

2025/07/09
Wema Bank Set To Empower Women With ₦2m Grant At SheCan 6.0 Conference
Business

Wema Bank Set To Empower Women With ₦2m Grant At SheCan 6.0 Conference

2025/07/09
Dangote Refinery
Business

Dangote Refinery To End Crude Oil Imports By December

2025/07/09
Ending Multi-billion Naira Yearly Loss To Lagos Ports Traffic Gridlock
Business

Nigeria To Refloat National Shipping Line

2025/07/09
IMO Ready To Collaborate With NIMASA On Marítime Challenges – Scribe
Business

Nigeria Has Capacity To Build, Repair Vessels – NIMASA

2025/07/09
Court Restrains Reps From Investigating Sterling Bank
Business

Lagos, Sterling One Foundation Hold Africa Social Impact Summit

2025/07/09
Leadership Conference advertisement

LATEST

Nigeria Pharma Industry Targets $10bn, Medicine Security

Clash: 4 Killed In Anambra, Edo, Schools Shut

8-Member C’ttee Investigates Emir Sanusi’s Palace Attack

At Garba Shehu’s Book Launch, Tinubu Says He’ll Consolidate Buhari’s Reforms

Union Bank Can’t Pursue Global Fleet Debt – Court

Taraba’s Absentee Deputy Governor

Akume, Al-Makura, Dariye, Others In Race For APC Chair

3-Month Single-Entry Visa’ll Affect Partnership, Cooperation, FG Tells US

NIN Disruption Exposes Gaps In Telecom Infrastructure – Experts

Why Supporters Want Jonathan’s Return To Active Politics – Don

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.