The Nigerian National Petroleum Corporation has said the nation lost about $750m to crude oil theft in 2019.
The Group Managing Director, NNPC, Mallam Mele Kyari, who disclosed this on Tuesday, decried the growing activities of oil thieves and pirates which he described as a threat to the operations of the corporation.
He said any threat to the corporation’s operations was a direct threat to the very survival of Nigeria because of the strategic role of the corporation as an enabler of the economy. He said there was a deep connection between the various shades of insecurity challenges, adding that they were all linked to what was happening in the Gulf of Guinea and the entire maritime environment.
Responding to questions on the challenge posed by the proposed energy migration by most western countries to renewable energy, the GMD said that fossil fuel would still be relevant and that the demand for crude oil would not reduce in the nearest future.“Even by 2050, fossil fuel would account for 80 per cent 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,” he said.
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