NNPC has stated that vandalism of its pipelines across the country rose by a phenomenal spike of 50% in January 2020.
The Federal Government has given reasons why it stopped subsidy on fuel and fully deregulated the downstream sector of the petroleum industry.
In Nigeria, Coronavirus possesses a different kind of imminent threat which could cost economies even more.
The treaty between Russia and Saudi Arabia seems to have been thrown into the dustbin as the countries are strapping in for a prolonged oil-price conflict.
The GMD of NNPC, Mele Kyari, sat among national stakeholders during the CBN roundtable and addressed the issue of declining crude oil revenue.
In light of the decline in global oil prices, Nigeria is yet to find buyers for 50 cargoes of crude oil.
The Group Managing Director NNPC, Mele Kyari, said Nigeria lost about $750 million to crude oil theft in 2019
The NNPC has disclosed that collaboration of all stakeholders is critical to prevent pipeline vandalism and oil theft which result in explosions.
The Nigerian National Petroleum Corporation (NNPC) has disclosed that 45,347 incidents of pipeline explosion had occurred in the last 18 years.
Yesterday, OPEC released its monthly oil market report for December which showed that Nigeria’s oil production dipped to a new low.