NNPCL LOSES $700M MONTHLY TO OIL THEFT

Nigerian National Petroleum Company Limited (NNPCL) has disclosed that it losses 470,000 bpd amounting to $700 million monthly due to oil theft coupled with security challenges militating against  oil production in some terminals.

This is even as it has disclosed that it has assembled an array of security measures, all coordinated by a digital control system to curb the ugly trend.

Group General Manager, National Petroleum Investment Management Services (NAPMS), Bala Wunti, made the disclosure during a tour of the facilities of the NNPCL at the weekend, explaining that the pipelines particularly those around Bonny terminal cannot be operated due to the activities of criminals.

According to her, about 270 barrels that were supposed to be loaded in Bonny are no longer going to be loaded because of theft.