Page 9 - AfrOil Week 13 2022
P. 9

AfrOil                                        INVESTMENT                                               AfrOil





























                                                 Map of Nigeria’s coastal oil pipelines and terminals (Image: Theodora.com)

       NUPRC: Bonny, Forcados, Brass River




       networks are main targets of oil thieves






            NIGERIA      THE Nigerian Upstream Petroleum Regulatory   become a very worrisome one to the nation, to
                         Commission (NUPRC) has identified the pipe-  the government and I believe to you as investors
                         line networks serving the Bonny, Forcados and   in OPTS and IPPG, even as it is to us as your
                         Brass River terminals as the biggest sources of   regulators. So, this is for us to sit at a roundtable
                         crude oil theft in the country.      and hear each other and share information.”
                           In a meeting with representatives of the Inde-  He continued: “More worrisome is that in
                         pendent Petroleum Producers Group (IPPG)   recent times, we have had conflicting positions
                         and the Oil Producers Trade Section (OPTS) on   as to what is really happening in the upstream.
                         March 24, NUPRC officials said that these three   As a responsible regulator, there’s need for us to
                         networks appeared to be particularly vulnera-  agree on the way forward and to hear your per-
                         ble because of the economic challenges facing   spective. We need to have accurate figures. As a
                         host communities and some investors’ failure to   government, we cannot continue to use abstract
                         engage adequately with residents.    or inaccurate figures in a matter as important as
                           They also pointed to inadequate security   crude oil theft.”
                         and surveillance arrangements, the exposure   NUPRC representatives described the prob-
                         of infrastructure facilities and compromises by   lem as very serious, saying that theft had pre-
                         stakeholders.                        vented Nigeria from producing enough oil to
                           Additionally, they said the available data   meet its OPEC production quota in full.
                         indicated that Nigeria may have lost as much as   Komolafe, for his part, noted that the short-
                         $3.27bn worth of crude oil to theft during the   fall was actually causing harm to the Nigerian
                         13-month period between January 2021 and   economy.
                         February 2022. This amounts to $233.99mn per   “The concern of the government is to increase
                         month, or $7.72mn per day, they stated.  our national oil production,” he said, according
                                                              to This Day. “Basically, we are an oil economy
                         Better numbers                       and when the upstream is sick, it affects the
                         Gbenga Komolafe, the CEO of NUPRC, fol-  well-being and the health of the country. The
                         lowed the presentation of these numbers by   situation that is happening in the upstream is
                         stressing that the commission’s information was   getting to the level of threat to the existence and
                         incomplete. He asked IPPG, OPTS and their   well-being of Nigeria. As a responsible regulator,
                         individual member companies to help com-  we are very concerned about it. We have been
                         pile more accurate data on oil theft throughout   doing a lot and we are not relenting. We will do
                         Nigeria.                             everything possible to increase oil production in
                           “This is a one-agenda meeting, and it centres   a manner that will make the nation benefit from
                         on the issue of crude oil theft,” he was quoted   the upward swing in the international price of
                         as saying by This Day. “The issue of oil theft has   crude oil.”



       Week 13   30•March•2022                  www. NEWSBASE .com                                              P9
   4   5   6   7   8   9   10   11   12   13   14