The collaboration between the Nigerian National Petroleum Company Ltd and the Nigerian Navy has saved the country the theft of N25bn worth of crude oil.
The collaboration was launched on April 1 through ‘Operation Dakatar Da Bararrwo.’
Since the launch of the operation in April, the Nigerian Navy has recovered/prevented the theft N25bn worth of stolen crude oil and product.
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Figures released showed that 23,110,102.59 litres of diesel had been seized while crude oil was put at 39,664,420.16 litres or 230,882.73 barrels.
For kerosene, about 649,775.38 litres were confiscated; while PMS had recovery of 345,000.49 litres, Sludge 380,000 litres, and LPFO 66,000 litres
During the operation, 85 suspects were arrested with 72 Boats while 23 vehicles were also seized.
Personnel of the Navy also destroyed 127 ovens, 102 large pits, 148 storage tanks and recovered 41 outboard engines.
The theft of crude oil has been frustrating the efforts of the government in attracting fresh investments into the oil and gas industry through the implementation of the Petroleum Industry Act.
Within a three months period covering January 1 and March 31 this year, Nigeria lost a whopping amount of $1bn revenue to crude oil theft.
Four months ago, the Minister of Petroleum Resources, Timipre Sylva the Chief of Defence Staff Lucky Irabo and the Group Managing Director of the Nigerian National Petroluem Company Ltd Mele Kyari, visited the Niger Delta for an on-the-spot assessment of the damage done by vandals.
Shortly after the visit, a military operation followed immediately to smoke vandals out of the creeks.
Currently, the Nigerian Navy is carrying out serious military operations in the Niger Delta to ensure that oil and gas assets are protected.
The theft of crude oil has been having a negative effect on the revenue of the federal government, which has denied the country the much-needed fund to boost economic development.
Apart from revenue loss, the issue of oil theft is currently threatening not just the NNPC’s quest for energy security for the country, it is also having a debilitating effect on Nigeria’s foreign exchange earnings.
Nigeria relies on crude oil revenue for over 90 per cent of its foreign exchange earnings.