This, he noted, could happen if immediate measures were not taken to address current low production levels.
Browsing: crude oil
Nwoko said this while speaking with the News Agency of Nigeria in Abuja.
He stressed that destroying what should be used as evidence for crime committed did not make any sense, except those expected to prevent the crime were complicit and compromised.
He spoke at the resumed hearing of the House of Representatives ad-hoc Committee investigating the alleged sale.
He had released a statement, titled: “Theft, Pipeline Vandalism Responsible For Volumes Of Crude Losses.”
He made this known in a statement on Monday by his Senior Adviser, Media and Communications, Horatius Egua.
A report had put the daily volume of crude stolen at 250,000 barrels, said to be worth $700 million in the market.
The State Commandant, Michael Ogar, said this after he took over the command of the corps in Port Harcourt on Monday.
The information was contained in OPEC’s Monthly Oil Market Report for May 2022, obtained by the News Agency of Nigeria.
This was made known by the Group Managing Director of the Nigerian National Petroleum Corporation Limited, Mele Kyari.
The Senate gave the directive when Engr. Gbenga Komolafe, the Commission’s Chief Executive of NUPRC, the successor of Department of Petroleum Resources(DPR) under Petroleum Industry Act(PIA) before the lawmakers during an interactive session with the senate committee on revenue losses in the maritime sector.
The Nigerian Navy represented by Rear Admiral Sola Oluwagbire who is the Director of Operations while speaking before Senate Committee on Finance during an interactive session on losses of revenue in maritime sector, said that 44 ships loaded with crude oil were arrested in 2021 with 1.6 million barrel of crude , 4.6 million liters of PMS and 13 ships were arrested within first quarter of 2022 with 154,000 of crude oil.
The panel is to carry out a forensic investigation to cover the technical and commercial operations of oil companies involved in drilling and selling of crude oil.
The report also said that available records from performance report of two depots revealed that about 22,929.84 litres of PMS valued at N7.06 billion pumped to the two depots (Ibadan-Ilorin and Aba-Enugu) between June and July 2019 were not received by the depots.
OPEC made this known in its Oil Market Report for February 2022, which was obtained by the News Agency of Nigeria on Thursday.
The was revealed by the management of AEEPCO in a statement by its Spokesperson Mathew Ndianabasi, on Wednesday.
Sylva added that crude oil exports represented about 86 per cent of total export earnings, while the actual government revenue from the sector is 40 per cent.
Joe Itah, the Regional Coordinator of the Council, South South, said this during a one-day Roundtable Stakeholders’ Forum on Cassava and Palm Producers in the Non-Oil Exports Sub-Sector in Yenagoa, Bayelsa State on Tuesday.
The NSCDC Commandant in Imo, Michael Ogar, disclosed this while interacting with newsmen in Owerri on Wednesday.
Gbajabiamila said, for this reason, experts in the gas sector should partner those in government for the development of the sector to achieve optimum results, noting Nigeria needs to maximize its natural gas resource.
But the recovery was stunted by fears of a slow recovery in demand due to new pandemic lockdowns in Europe and a build in US crude stocks.