The Federal Government has raised an alarm over the rising rate of crude oil theft in the Niger Delta, disclosing that about $3.27 billion worth of oil has been lost to vandalism in the past 14 months. The government said high-level cases of oil theft have become a threat to the country’s corporate and economic existence, with the industry now thinking of transporting crude oil from fields to export terminals by trucks. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in a presentation at a stakeholders’ engagement on oil theft in Abuja yesterday said the government was extremely worried about the tragic situation. The Commission disclosed that most of the crude oil losses came from Bonny Terminal Network, Forcados Terminal Network and Brass Terminal Network. It listed factors that were aiding the criminal activities as: economic challenges, inadequate security, poor surveillance, poor community engagements, exposed facilities and stakeholder compromises. The […]