Business
Nigeria Loses $700million To Oil Theft, Vandalism Daily- NNPC
Nigeria Loses $700million To Oil Theft, Vandalism Daily- NNPC
The Nigerian National Petroleum Company (NNPC) Limited has said Nigeria loses $700 million every month as a result of oil theft and vandalism at terminals.
Bala Wunti, group general manager, National Petroleum Investment Management Services (NAPIMS), made this known during a tour of NNPC facilities on Sunday.
NAPIMS is a corporate services unit in the upstream directorate of NNPC.
Wunti said the security challenges experienced in the oil sector hinder oil production in some of the country’s terminals.
He said the pipelines — particularly those around the Bonny oil export terminal — cannot be operated due to the activities of oil thieves and pipeline vandals.
“When you multiply seven million barrels by $100 that is $700 million lost per month, adding that about 150,000 barrels expected are differed, we are not producing due to security challenges.
“The Shell Petroleum Company (SPDC) trunk line, TNP transnational pipeline cannot be operated and this has been the case since March the 3rd.”
Wunti said Forcados oil export terminal is not completely secure due to some challenges — but assured that the corporation would fix the issues in two weeks.
He said the Brass oil export terminal, which is operated by Agip and produces about 100,000 barrels, is also facing insecurity and vandalism.
“Illegal siphoning of crude oil from oil facilities by criminal individuals and groups impacted IP on revenue to all stakeholders,” he 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, but I will tell you the major thing that affects us.
“Nigeria will suffer for it; the revenues are impacted, so we can only appeal to them to rein in themselves, the oil theft situation is regrettable. It’s not going on across the whole of the Niger Delta, there are trunk lines that are more impacted and I think the Bonny trunk line ranks highest.
“Our major challenge as a country is our capability to respond and that is as a result of several factors, the terrain as well as some incapacity that we have.
“I was in the Saudi Arabia infrastructure twice, and I know what they have. It’s a digital control system; it’s different from our own. Digital control system, it’s like you have the control system of all your assets in one place.
“This is beyond the digital control system; it’s also a security system and we are doing it and to tell you that this was built-in by our in-house software engineers because of the security sensitivities to it because they are customized.
“So we use a combination of technology to integrate and synchronize and create what we are now confident and comfortable with.”
Business
CNG CAMPUS: 20 Federal Tertiary Institutions to Get CNG Conversion Centres and Refuelling Stations
CNG CAMPUS: 20 Federal Tertiary Institutions to Get CNG Conversion Centres and Refuelling Stations
…6 to be Fully Operational by May 2025
In alignment with President Bola Ahmed Tinubu’s commitment to affordable, clean, and sustainable energy, the Midstream and Downstream Gas Infrastructure Fund (MDGIF), in collaboration with Femadec Energy, is set to establish Compressed Natural Gas (CNG) conversion centres and refuelling stations across 20 federal tertiary institutions nationwide.
The Honourable Minister of Education, Dr Morufu Olatunji Alausa, recently convened a meeting with Vice-Chancellors and executives from Femadec Energy, MDGIF, and the Presidential Compressed Natural Gas Initiative (PCNGI) to finalise project details and ensure timely implementation.
Dr. Alausa emphasized the project’s significance: “This initiative not only aims to reduce transportation costs for our students and lecturers but also represents a pivotal step towards integrating clean energy solutions within our educational institutions.”
Echoing this sentiment, a representative from Femadec Energy stated: “Our collaboration with MDGIF and the federal institutions underscores our dedication to promoting sustainable energy. By introducing CNG infrastructure, we aim to provide cost-effective and environmentally friendly transportation options, fostering a culture of innovation and sustainability among the academic community.”
This project is designed to alleviate the high transportation costs faced by students and lecturers. It aligns with the administration’s Renewed Hope Agenda to leverage Nigeria’s abundant natural gas resources for cleaner, cheaper, and more sustainable transportation.
Six institutions are slated to have fully operational CNG facilities by May 29, 2025, demonstrating immediate impacts and paving the way for broader adoption nationwide.
#RenewedHope #CNGRevolution #CleanEnergy #SustainableTransportation #AffordableEnergy #GreenCampus
Business
Cyberpedia Internet Governance, Presidential Office of Digital Engagement & Strategy partner to Pioneer AI-Driven Civic Dialogue Initiative
Business
ASR AFRICA EMERGES WINNER OF THE CSR CHAMPION OF THE YEAR AWARD AT THE 2024 INDEPENDENT AWARDS
ASR AFRICA EMERGES WINNER OF THE CSR CHAMPION OF THE YEAR AWARD AT THE 2024 INDEPENDENT AWARDS
ASR Africa emerges the Corporate Social Responsibility Champion of the Year at the Independent Awards 2024 in Lagos recently. Dr Ubon Udoh, the MD/CEO of ASR Africa, represented the Chairman, Abdul Samad Rabiu (CFR, CON) at the event to receive the award on his behalf.
Dr. Ubon Udoh thanked the organisers of the Award for recognizing the immense contributions of Abdul Samad Rabiu in creating sustainable homegrown solutions in Nigeria and Africa at large, in the area of health, education, mentorship and social development. He noted that the award, no doubt, will serve as an impetus for ASR Africa to continue to do more.
ASR Africa is an initiative of one of Africa’s biggest philanthropists and serial entrepreneurs, Abdul Samad Rabiu, Founder & Executive Chairman, BUA Group. At the heart of our mission lies a deep-rooted commitment to fostering substantial progress across the African continent through focused investments in education, health, and social development sectors.
-
Business5 months agoComprehensive Media Audit Shows Flutterwave, MTN Nigeria, and Bolt Outpacing Competitors in Media Engagement
-
Politics6 months agoWhy Ighodalo Slammed ₦20 Billion Suit On Oshiomhole
-
Politics6 months agoCampaign funds: LP Tasks NSA, EFCC to probe Obi, Yesufu, Afenifere
-
Politics6 months agoTogether we can make Ewekoro a better local government’ — Sikiru Adesina Urges Party Leaders, Co-contestants