Drop Your Appetite for Stolen Nigerian Crude

Drop Your Appetite for Stolen Nigerian Crude

Nigerian Federal Government Tells International Community
Alison-Madueke Restates Nigeria’s Strategic Role in Global Oil Supply Mix
· Indigenous Companies Make Impressive Showing at OTC 2013
The Federal Government has called on the global community and International oil traders to drop their appetite for stolen crude oil from Nigeria and join in the fight against the nefarious activities of oil thieves and pipeline vandals.
The appeal signaled a major focus in tackling the demand side of the global oil theft matrix which is a growing menace to the smooth operation of the oil and gas industry in Nigeria.
Speaking at the presentation of the Keynote Address at the ongoing Offshore Technology Conference, OTC, in Houston, Texas, Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke who was represented by the Group Managing Director of the NNPC, Engr. Andrew Yakubu, stated that it is imperative to halt the appetite for stolen crude oil from Nigeria if the country must make appreciable progress in this regard.
“The President is taking this matter seriously and the Honourable Minister is working at it aggressively. It takes two to tango, if those stealing our crude do not find a market for it there would be no incentive to steal, that is why we are appealing to the international community to take action. The tracing of our crude by DNA to the destination is being looked into to ensure that the finger prints of our crude are traceable to the various destinations. I can tell you that as an industry we are happy to work with government in this regard,’’ Engr. Yakubu stated while fielding questions on the sidelines of the conference.
The address which dwelt on the theme: Development Efforts in the West African Exploration Zone described the sub-region as the most important petroleum province in the World.
“The natural advantages of the region’s open and unrestricted sea lanes and light sweet crude makes it one of the most important petroleum provinces in the World,” the Minister stated.
The Minister noted that as the dominant player in the sub-region Nigeria has pioneered some set of initiatives geared towards ensuring positive impact on the economy.
Some of the initiatives include: growth in crude oil reserves and expansion in production capacity, repositioning of gas for re-industrialisation/stimulation of the economy, regional and export penetration, revitalization of existing downstream capacities and additional capacity to support energy needs as well as reforms of key institution to anchor the growth aspiration of the industry.
On the Petroleum Industry Bill, Mrs. Alison-Madueke noted that the proposed law is further designed to increase exploration and development activities in the region by creating a more competitive environment for both independent and major oil and gas companies .
“This in addition will attract investment into the sector . Therefore, West African will continue to play a significant role in the global oil and gas energy supply mix post-Shale oil and gas discoveries in the World,” she said.
Earlier on Monday, Engr. Yakubu declared open the Nigerian Pavilion at the OTC with NNPC and a record number of indigenous Nigerian operators and oil service companies making active participation at the global oil and gas industry theatre.
Source: NNPC
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