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NNPCL loses $700 Million Monthly To Oil Theft Says Official

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Aerial view of areas polluted as a result of the activities of criminals vandalising pipelines leading to Bonny Oil Terminal in Rivers State.

Nigerian National Petroleum Company Limited (NNPCL) said that the impact of crude oil theft has been affecting its performance, disclosing that it loses 470,000 bpd amounting to $700 million monthly.

The company said this is coupled with security challenges that hindered oil production in some terminals.

Speaking with some journalists during a tour of the facilities of the NNPCL, Bala Wunti, the Group General Manager, National Petroleum Investment Management Services (NAPMS), said the pipelines particularly those around Bonny terminal cannot be operated due to the activities of criminals.

The GGM said the number of barrels stolen is very huge on a daily basis explaining about 270 barrels that were supposed to be loaded in Bonny are no longer going to be loaded because of theft.

He also said the impact of vandal activities caused low crude oil production, interrupted gas supply, countrywide interruption of distribution of petroleum products, refineries’ downtimes, increasing instability in the oil and gas market.

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