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FG Seizes 23m Litres Diesel, 230,882 Barrels Crude Oil

The Federal Government has announced that it has recovered or prevented the theft of N25 billion worth of stolen crude oil and product. It also said that it recovered 230,882 barrels of stolen crude oil since April 1, 2022, adding that 85 suspects and 72 boats have been arrested.

FG in a post on its official Twitter handle: @NigeriaGov, also said the feats were accomplished as a result of the success of Operation DAKATAR DA BARARWO (OPDDB), an initiative between the Nigerian National Petroleum Company Limited and the Nigerian Navy to curb crude oil theft that has limited Nigeria’s earnings capacity from the sale of crude oil. FG also announced seizures including 23 million litres of diesel, 345,000 litres of PMS and 649,775 litres of DPK. It said:

“Since the April 1, 2022 launch of Operation DAKATAR DA BARARWO (OPDDB) in synergy with NNPC Limited to curb crude oil theft and associated crimes, the Nigerian Navy has recovered/prevented the theft of N25 billion worth of stolen crude oil and product.

“Seizures include 23 million litres of diesel, 230,882 barrels of crude oil, 345,000 litres of PMS and 649,775 litres of DPK. “Also, the arrested suspects were 85 in number, arrested boats were 71. 127 ovens were destroyed, 102 large pits, 148 storage tanks and 35 pumping machines were recovered.” Oil theft, insecurity and reduction in investment in the sector have been identified as factors hindering Nigeria from meeting its OPEC crude oil production quota.

The Minister of State for Petroleum Resources, Timipre Sylva, had said that Nigeria had not been able to meet its production quota because of a lack of new investment and insecurity around oil assets. Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe had said that Nigeria lost at least $1 billion in the first quarter of 2022 due to oil theft. He stated that an unusual level of theft estimated at a daily average of 103,000 barrels, which was recorded in 2021 had grown to 120,000 barrels in the first quarter of 2022.

Nigeria has not been meeting its crude oil production quota by the Organisation of Petroleum Exporting Countries (OPEC) with its underperformance being as high as about 700,000 bpd in some months.

The 1.024 million bpd production (through primary communication) in May was about 195,000 bpd less production when compared with April’s total of 1.219 million bpd, according to OPEC.

According to OPEC’s Monthly Oil Market Report published in June 2022, from direct communication, Nigeria’s oil supply to the international market fell by 195mbpd. It was 1,024mbpd in May; 1,219mbpd in April and 1,238mbpd in March. According to secondary sources, Nigeria’s oil production was 1,339 mbpd in March; 1,306mbpd in April; but 1,262mbpd; in May showing a decline of 45mbpd.

SOURCE: new telegraphng.com

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