February 28, 2022

An association of indigenous Exploration and Production (E&P) companies, the Independent Petroleum Producers Group (IPPG), says crude oil theft is an existential threat facing Nigeria and the petroleum industry.

They want the Federal Government to address the issue of oil theft before it drains them out of business and do irreparable damage to the national economy.

Mr Abdulrasaq Isa, Chairman, IPPG, made this known while speaking at the 5th Nigeria International Energy Summit (NIES) on Monday in Abuja.

The summit has as its theme: “Revitalising the Industry: ” Future Fuels and Energy Transition.”

Isa said: ” There is an existential threat facing us today. Insecurity has assumed a different dimension as the level of theft of crude oil is both unprecedented and unsustainable.

“In 2021 alone, producers in certain parts of the Niger Delta suffered losses between 15 per cent to as high as 90 per cent.

“Such monumental losses attributable to theft are a major threat to our business, revenues to government as well as to national security.

“We commend the government on the current efforts being undertaken to address these challenges.”

According to him, being the most impacted group, the IPPG is willing to partner with government in delivering speedy and lasting solutions to these security challenges.

He said that this would enable Nigeria to capture the gains of the global energy market.

Isa commended the government for taking proactive measures to address the challenges facing the industry.

He said the passage of the Petroleum Industry Act and the declaration of 2021 to 2030 as the ‘Decade of Gas’ would no doubt serve as a catalyst for growth of the Nigerian economy. (NAN)