The Nigerian National Petroleum Company (NNPC) Ltd has reported a total of 400 incidents of crude oil theft in just one week, deepening the challenges facing Nigeria’s oil sector, including declining production and dwindling investment.
The rise in theft incidents compounds the ongoing security issues plaguing the oil and gas industry, which not only results in financial losses but also undermines the country’s efforts to attract investment and increase production.
Crude oil theft in the Niger Delta has led to the destruction of the region’s natural ecosystem, reduced federal government revenues, and divestment from onshore fields by international oil companies (IOCs).
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According to the Organisation of Petroleum Exporting Countries (OPEC) monthly oil market report, Nigeria has consistently failed to achieve its OPEC+ oil production quota of 1.5 million barrels per day….
Source: Guardian Newspaper
