• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

Nigeria’s oil sector suffers a N34.47 billion loss at the hands of a familiar enemy

2 years ago
in Economy, Energy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
50
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

Foreign Capital Inflows Into Banking Sector Hit Five-Year High in 2024

Electricity is Getting Cheaper Across Africa

Summary of Events Following Confirmation of Deaths of Defence and Environment Ministers, Six Others in Military Helicopter Crash

Nigeria’s oil sector suffers a N34.47 billion loss at the hands of a familiar enemy

The Nigerian National Petroleum Company Limited spent close to N34.47 billion (18 months) to monitor and repair pipelines in order to address the persistent problem of pipeline vandalism in the nation.

According to the Nigerian Extractive Industries Transparency Initiative’s most recent Oil and Gas Report, which covers 2021, N22.05 billion was spent on pipeline maintenance and repairs.

The NNPCL said that a total of 350 pipeline points were vandalized in the first half of 2021. The organization said that it has consistently worked to lessen the threat of pipeline vandalism in cooperation with the local community and other stakeholders.

According to Mele Kyari, the CEO of NNPCL, the company is now able to track product supply and distribution across the nation thanks to the implementation of Operation White and the Automated Downstream Operations and Financial Monitoring Centre.

He said that illegal activities including oil theft and cross-border petroleum product smuggling, which had previously disrupted the supply and distribution matrix and resulted in significant financial losses for the nation, had decreased.

The National Oil Corporation said in January 2021 that 96 businesses from a variety of countries have expressed interest in using the Build, Operate, and Transfer finance model to undertake the renovation of its downstream infrastructure, which includes crucial pipelines, depots, and terminals.

The NNPCL also reported that it spent N12.42 billion between January and June 2022 on pipeline security and maintenance.

Despite spending N34.47 billion on pipeline maintenance and repairs, the NNPCL reported in September of last year that oil theft cost the business 470,000 barrels of crude oil per day, or $700 million a month.

In August, reports according to the Nigerian air force relayed that the Niger Delta region’s illicit oil refineries were bombarded with air raids. The Nigerian army claimed to have attacked a boat carrying crude oil and heading for open seas, as well as many illegal locations in the oil-rich state of Rivers.

Between July 15 and July 21, 2023, 40 instances of crude oil theft were reported across the nation. 93 illicit connections had been discovered and disconnections and repairs are still being made. The NNPCL added that 69 illicit refineries were found and shut down over the time they highlighted.

Source: business insider africa
Via: norvanreports
Tags: Nigeria’s oil sectorNigeria’s oil sector suffers a N34.47 billion loss at the hands of a familiar enemy
No Result
View All Result

Highlights

FDI Rises to 3-Year High as Reforms Boost Investor Confidence

Togo is Flexing its Unrivaled Maritime Power

Parliament Expresses Grief Over Death of Ministers, MP and 6 Others in Military Helicopter Crash

GSE Composite Index Up 46.51% YTD as Market Capitalization Hits GHS 147.91 Billion

Global Financial Bias Costs Africa $75 Billion Annually

GFA President.Set to Visit Gold Stars, Asante Kotoko, and Police Ladies to Strengthen CAF Campaigns

Trending

Features

Foreign Capital Inflows Into Banking Sector Hit Five-Year High in 2024

August 7, 2025

Foreign Capital Inflows Into Banking Sector Hit Five-Year High in 2024 Foreign capital inflows into Nigeria’s banking...

Electricity is Getting Cheaper Across Africa

August 7, 2025

Summary of Events Following Confirmation of Deaths of Defence and Environment Ministers, Six Others in Military Helicopter Crash

August 7, 2025

FDI Rises to 3-Year High as Reforms Boost Investor Confidence

August 7, 2025

Togo is Flexing its Unrivaled Maritime Power

August 7, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.