The Federal Republic of Nigeria lost a whooping N1.5 trillion due to attacks on oil facilities by militants in the Niger Delta region of the country.
The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mr. Maikanti Baru stated on Wednesday that its exploration and production subsidiary, the Nigerian Petroleum Development Company, NPDC, lost N1.5 trillion due to attacks on its facilities in 2016 by militants and oil vandals.
In a statement signed by Ndu Ughamadu, NNPC Group General Manager, Group Public Affairs Division, Mr. Baru disclosed that NPDC lost the amount due to attacks on its facilities from January till date.
Mr. Baru revealed this when he declared open the 2016 NNPC Security Awareness week with the theme: “NNPC Security: A Task for All Stakeholders”.
He regretted the high rate of criminality in the society in general and in the oil and gas industry in particular, which led to loss of much needed revenue.
”At industry level, we are all conversant with the seriousness and frequency with which national assets in form of pipelines, flow stations are vandalised and crude oil and white products stolen with impunity.
”In 2016, January to date for example, NPDC alone recorded 59 security incidents resulting in crude production shut down/deferment and revenue loss of over N1.5 trillion,” he said.
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