In order to prevent pipeline vandalism and oil theft in Nigeria which have resulted in decline in oil output and revenue, an India-based international security solution company, Nispana Innovative Platforms, has devised ways to help tackle the menace through the upcoming second Annual Offshore Security Oil Theft -Nigeria Summit in Lagos on August 6 to 7.
It urged all Nigerians and governments to join hands in the fight against maritime crime.
According to a statement made available on Wednesday by Nispana Managing Director, Narendra Kumar, the Nigerian oil industry is plagued by several challenges to achieve its maximum output potential, and due to the prevailing security problems, the industry has suffered immense losses, from piracy, oil theft on and offshore, oil bunkering and poor infrastructure.
Accordingly, he said: “The summit will determine and focus to give an insight into the current challenges pertaining to oil theft, pipeline vandalism, funding gap in the oil and gas new exploration project, Maritime Security and environmental issues faced by the oil companies operating out of Nigeria. The summit will take place over two days and will have discussions and interactive session, case studies by maritime security experts, oil and gas exploration and production companies from all across Africa and Europe.”
Kumar revealed in the statement that studies have shown that the country lost N1.2 trillion to crude oil theft in 2014, noting that Nigeria’s oil output was already falling before the drop in oil prices because of oil theft and pipeline vandalism in the Niger Delta region.