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Nigeria Lost $1bn Revenue To Crude Oil Theft Within Three Months

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, the European Union Delegation, top officials of the NNPC Limited as well as representatives of security agencies on Thursday visited the Niger Delta Creek to assess the ongoing fight against crude oil theft, illegal bunkering, and vandalism of oil and gas installations.

Recall three months ago, the Minister of Petroleum Resources, Timipre Sylva, the Chief of Defence Staff, Lucky Irabor, and NNPC Limited, GCEO, Mele Kyari, visited the Niger Delta for an on-the-spot assessment of the damage done by vandals.

The NNPC delegation which was led by Kyari had the Group Executive Director (Upstream) Engr Adokiye Tombomieye; GED Gas and Power Abdulkadir Ahmed; the Group General Manager, National Petroleum Investment Management Services (NAPIMS), Mr. Bala Wunti; Manager Joint Venture Asset Mr. Mustapha Yusufu; Head Gas Facilities, Dr. Obinna Otuu and the PTDT Upstream Mr. Olanrewaju Igadan.

The delegation was also accompanied by Admiral Aminu Hassan, the Commander of  Operations Delta Safe.

Within three months covering January 1 and March 31 this year, Nigeria lost a whopping amount of $1bn in revenue to crude oil theft.

The theft of crude oil has been frustrating the efforts of the government in attracting fresh investments into the oil and gas industry through the implementation of the Petroleum Industry Act.

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