“Vandalism would always occur in Nigeria, as long as the host communities are unhappy because it’s used as a geo political tool to bring the attention of government to the plight of the people.” Nigeria NNPC Vandalism
Debate has stirred up among industry players and stakeholders following the Nigerian National Petroleum Corporation’s disclosure of a new deadline of 2025 to boost the nation’s crude oil reserves from 36 billion barrels to 40 billion barrels, and a production capacity of three million barrels per day from 2.2 million barrels.
Experts in the industry have however held divergent views on the reality of this new target considering what is currently obtainable in the sector. The reduction in this cost, he said would not only increase investments for more production, but will also enhance midstream profitability. The energy consultant observed that, given that 70 per cent of the nation’s energy resources are located onshore within the Niger Delta, it is pertinent for government to find lasting solutions to the issues around that area, since the conflict in the region is another major factor fuelling vandalism of pipelines and oil theft.
Similarly, the Managing Director of ExxonMobil, Paul McGrath, in his address at the just ended Association of Energy Correspondents of Nigeria’s yearly conference, also expressed some concerns about the high cost of production of crude in the country, noting that the country ranks among the top 10 nations with the highest cost of crude oil production.
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