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Mr Adewale Tinubu, the Group Chief Executive Officer, Oando Plc, says Nigeria is losing about 20 per cent of its crude oil production to oil thieves and pipeline vandals daily.
Tinubu made the disclosure while speaking at the opening ceremony of the 2022 Nigerian Oil and Gas (NOG) conference and exhibition on Tuesday in Abuja.
At the conference themed: “Expanding the Nigerian Content Frontier through Intra-African Trade, the Oando boss said Nigeria’s oil production had declined recently at an alarming rate due to the activities of the oil thieves and pipeline vandals.
Tinubu said: “There has been a 43 per cent reduction in our production from March 2020 to May 2022.
“We lose almost 20 per cent of our daily crude production to oil thieves and pipeline vandals and 20,000 barrels a day of oil is lost to oil theft.
“Basically some three million barrels on average yearly is lost to oil theft and pipeline vandalism.”
He said the development had led to reduction in the country’s Gross Domestic Product and degradation of the environment.
“The Organisation of the Petroleum Exporting Countries (OPEC) gave us a quota of 1.4 million barrels per day and we were struggling to do 1.21 million barrels per day.
“We will get to a quota of 1.8 million very soon because OPEC agreement expires in September. They are easing production by 400,000 barrels per day.”
