Nigeria lost $750m to oil theft in 2019 — NNPC
has said the federal government lost about $750m to crude oil theft in 2019.
The Group Managing Director, NNPC, Mele Kyari, disclosed this on Tuesday, while speaking to members of the Executive Intelligence Management Course 13 of the National Institute for Security Studies who visited the NNPC Towers, Abuja, on a study tour. According to him, the vandalism of oil and gas infrastructure and the kidnapping of personnel are other security challenges facing the corporation.Mr Kyari said 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, Mr Kyari 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 percent 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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