The association of indigenous exploration and production (E&P) companies, the Independent Petroleum Producers Group (IPPG), has raised alarm that crude oil theft is an existential threat facing Nigeria’s economy.
Speaking at the 5th Nigeria International Energy Summit (NIES) yesterday, the chairman of IPPG, Mr. Abdulrasaq Isa, said insecurity has assumed a different dimension as the level of theft of crude oil is both unprecedented and unsustainable.
“In 2021 alone, producers in certain parts of the Niger Delta suffered losses between 15% to as high as 90%. Such monumental losses attributable to theft are a major threat to our business, revenues to government as well as to national security,” he said.
He said IPPG commends the government on the current efforts being undertaken to address these challenges, explaining that as an organization highly impacted group by crude oil theft, the IPPG is willing to partner with government in delivering speedy and lasting solutions to these security challenges.
He said that this would enable Nigeria to capture the gains of the global energy market. Isa commended the government for taking proactive measures to address the challenges facing the industry.
According to him, the passage of the Petroleum Industry Act (PIA) and the declaration of 2021 to 2030 as the ‘Decade of Gas’ serves as catalyst for growth of the oil and gas sector and the Nigerian economy in general.
By Chibisi Ohakah, Abuja
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