Business
NNPC looses 1.5 billion dollars daily to oil vandals
Group Managing Director of the NNPC Limited, MELE KYARI, said yesterday that the country was losing almost 240,000 barrels of crude oil worth about 1.5 billion dollars to vandals and oil thieves daily.
KYARI, who spoke at an interactive session with members of the House Committee on Petroleum Resources, also said the activities of pipeline vandals and oil thieves has substantially decreased Nigeria’s oil production to about 1.49 million barrels per day.
While assuring that the NNPC, in conjunction with security agencies and other industry stakeholders are working round the clock to restore production, KYARI sought the establishment of special courts to try those arrested in connection with oil theft and pipeline vandalism. He also expressed the hope that within the next two months, NNPC will be able to restore production to a substantial level.
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