NEWS

7.68 MILLION BARRELS OF NIGERIAN CRUDE OIL LOST TO THEFT IN 2023

A report released by the Nigeria Extractive Industries Transparency Initiative shows that in 2023, 153.44 million barrels of crude oil were deferred. 

The report noted 153.44 million barrels of crude oil production were deferred in 2023, with companies like SPDC (39.13 million barrels), TEPNG (6.07 million barrels), and TUPNI (3.5 million barrels) being the most affected.

To NEITI, deferment is the stoppage in production due to scheduled and unscheduled repairs and maintenances or pipeline breaks/leaks, poor equipment performance, etc.

The report also noted that a total loss of 7.68 million barrels of crude oil in 2023 were lost due to theft and measurement errors, a significant drop of 79 per cent from the 36.69 million barrels lost in 2022.

The country has been finding it difficult make  optimal use of its potential in the oil and gas sector, as emerging development surrounding the management of the sector impedes such lofty dream.

Speaking at the Energy and Labour Summit 2024 organised by the Petroleum and Natural Gas Senior Staff Association of Nigeria in Abuja, the Minister of State for Petroleum, Resources Heineken Lokpobiri, mentioned traditional transportation of petroleum products as part of existing challenges. 

He said “Part of our problem is that pipelines that were traditionally transporting our crude were built in the 1960s and the 1970s and the lifespan is since over. We have identified that even when we can produce, evacuation is a big problem,” he noted.

Heineken decried paucity of funds to build new pipelines, further adding that “The reason why pipeline vandalism is very easy to do is because the pipelines have all expired. They completely corroded and so, anybody can just go and tap it and the thing is busted; but there are better technologies which are more expensive. 

“There are better pipelines that other people are using in other countries, but they are not cheap. We also need to change our model.”

By and large, Nigerians are of the opinion that there is serious lack of accountability in the oil and gas sector, consent upon which besets the country from harnessing the full potential of the sector.

Comments

Post a Comment

Popular posts from this blog

NEWS

Image
THREE CONFIRMED DEAD IN A STRANGE DISEASE OUTBREAK AT NIGERIAN MILITARY SCHOOL ZARIA, OTHERS IN CRITICAL CONDITION  Officers and men of the Nigerian Army whose children and wards are enrolled in the Nigerian Military School Zaria were been sighted in their numbers in the school following outbreak of a strange disease and eventual dead of some students. They were their to pick their children and wards - Ideal Reporters gathered. A student died around 10:00 am Friday, to unknown ailments at the military facility. A parent revealed “Another boy died today, we now have 3 students in total who had died as of today. “Our children are no more safe, the army should come out to tell us what’s killing our children. Many are still in critical condition at ABUTH as we talk,” Some students are reportedly hospitalised at Ahmadu Bello University Teaching Hospital are said to be battling for survival. The unexpected incident had caused anxiety, leading to parents storming the military...
Read more

Exclusive

Image
THE ONDA EID SKIRMISHES, HON. MOHAMMED SANI OTTO AND THE FALSE NARRATIVE  My attention has been drawn to a viral video making the round on social media in which the Nasarawa State Commissioner of Trade, Industry and Investment, Hon. Mohammed Sani Otto was visibly sighted at Onda Eid Ground.  In the same video, one that was deliberately edited in part, to capture the area that presents a false narrative aimed at misinforming the unsuspecting public about what truly played out.  For the record, let me state that Hon. Mohammed Sani Otto chose to observe Eid-el Fitr prayer with his kinsmen at Onda, out of the love, respect and admiration he has for them, a usual disposition that characterizes him.  On getting to the Eid Ground, he was greeted by skirmishes involving loyalists of the Osu Onda, His Royal Highness, Alh. Abdullahi Kuku and Alh. Usman Ode, a one time contender to the exalted throne of Osu, as both were on ground. Typical of traditional tussles, in...
Read more

Open Memo

Image
Memo to His Excellency, Governor Abdullahi A. Sule By Murtala Adogi Mohammed Subject: Strategic Recommendations for Nasarawa State’s Development Your Excellency, I commend your proactive decision to dissolve the Executive Council as part of efforts to reposition Nasarawa State for greater progress. This is an excellent opportunity to realign the state’s development priorities and governance structures. With the expiration of the Nasarawa Economic Development Strategy (NEDS) in 2023, it is critical to establish a new development framework before appointing new commissioners.  I recommend setting up a Nasarawa State Development Council to review NEDS I and fast-track the development of NEDS II. This will guide commissioners in creating sectoral plans aligned with the state’s vision. Here are some quick actionable steps: 1. Develop NEDS II Create a four-year strategic plan focusing on youth and gender-responsive initiatives, tackling unemployment, education, healthcare, ...
Read more