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Nigeria lost $750m to oil theft in 2019

Feb 19, 2020
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Melee Kyari, said on Tuesday Nigeria lost about $750 million to oil theft in 2019.
 
Kyari, who disclosed this in a presentation to members of the Executive Intelligence Management Course 13 of the National Institute for Security Studies (NISS) who were on a study tour to the NNPC in Abuja, described the activities of oil thieves and pirates as a threat to the Corporation’s operations.
 
According to him, any threat to the NNPC operations was a direct threat to the very survival of Nigeria as nation because of the strategic role of the Corporation as an enabler of the economy.
 
He listed other security challenges facing the NNPC to include vandalism of oil and gas infrastructure and kidnapping of personnel, adding that there was a deep connection between the various shades of insecurity challenges as they are all linked events in the Gulf of Guinea and the entire maritime environment.
 
The NNPC GMD for a concerted effort and synergy to secure oil and gas operations for the economic survival of the country.
 
Kyari reiterated the huge importance of fossil fuel to the global economy.
 
He said: “Even by 2050, fossil fuel would account for 80 percent of the energy mix, and there would still be consumption of at least 100 million barrels of oil per day. We are determined to remain relevant in the long term.”
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