Nigeria’s state oil company, NNPC Limited, said on Monday that pipeline theft has been nearly eradicated following coordinated action by the country’s defence and intelligence agencies.
Three years ago, only about 30% of oil transported through some pipelines reached Nigeria’s export terminals, causing billions of dollars in revenue losses and delaying investments.
“Today, I can proudly report that our pipeline and terminal receipts are attaining close to 100%,” NNPC Group Chief Executive Officer Bayo Ojulari told a regional security forum in Abuja.
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Ojulari said security has been significantly strengthened, particularly in the Niger Delta, the hub of the country’s oil infrastructure, according to Reuters.
He noted that the illegal trade was not only a domestic challenge but also involved “sophisticated international syndicates” taking advantage of weaknesses in national and regional security systems.
With improved security boosting output, Nigeria is pushing for faster approval of new oil projects.
At an oil conference last week, the national oil regulator projected that the country’s production could exceed 2.5 million barrels per day next year.
Nigeria last approached that level in 2005, before militant activity in the Niger Delta pushed production down to 1 million barrels per day by 2016.
To strengthen pipeline security, Nigeria began hiring private security firms in 2021 to support national security agencies.
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Image Credit: Reuters
