Market News
Nigeria's NNPC says pipeline theft has been nearly eliminated - REUTERS
LAGOS, Aug 25 (Reuters) - Nigeria’s state oil firm NNPC Limited said on Monday nearly all pipeline theft has been eliminated after coordinated efforts by the country's defence and intelligence agencies.
Three years ago, as little as 30% of oil sent through some pipelines made it to Nigeria's export terminals, costing the government billions in lost revenue and leading investment to be deferred.
"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.
He said security had been improved, particularly within the Niger Delta, where most of the country’s oil infrastructure is located.
The country's defence and intelligence agencies were involved, as Ojulari said illicit trade was not merely a local problem but involved "sophisticated international syndicates" exploiting weaknesses in national and regional security frameworks.
