Nigerian energy firm complains alarming oil theft in 2019

oil rig

The activities of oil thieves in Nigeria have assumed alarming proportions, leading to the company’s loss of about 4 million barrels of crude oil in 2019, according to a Nigeria-headquartered energy firm on Wednesday.

Victor Okoronkwo, managing director of Aiteo Group, revealed this to the media on the sidelines of the ongoing Practical Nigerian Content Exhibition and Conference in oil rich city of Yennagoa, capital of Bayelsa state.

Okoronkwo said attacks by oil thieves on the 117 kilometer Nembe Creek Trunk Line (NCTL) has adversely affected crude export from the oilfields in Bayelsa which had been shut for two months in 2019.

He regretted that despite the enormous investment in technology and security on the assets, the sabotage was yet to abate, adding that the development required a decisive action by all stakeholders.

“One of the biggest challenges we face in our operations is the security of our pipelines and oil facilities,” he said.

He said the company has recorded more shutdown days in operation this year.

The interruptions cut across the industry, as NCTL also served four other oil companies, including Shell, who take turns to export their crude output from the export line, Okoronkwo said. Enditem

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