Oil Theft: Chief Of Naval Staff Says Exaggerated Figures Are Unrealistic

Because oil losses resulting from other sources are frequently included in theft calculations, there is a major error in estimating how much Nigeria is losing as a result of oil theft.

On our current affairs program, Newsnight, Vice Admiral Awwal Gambo, the Chief of the Naval Staff, stated that these losses are then attributed to the inefficiency of security services.

“We must comprehend the distinctions between oil losses and theft. Oil losses happen when there is known output, particularly during shut-ins and force majeures since the Federal Government does not receive the desired revenue it should, he observed. Oil theft involves siphoning crude oil from vandalized pipes into boats.

“Metering problems on the operating systems as read also result in losses. However, rather than classifying them as oil losses, the volume of crude oil shot-ins from non-production is frequently included to numbers for oil theft. This shouldn’t exist.

A five-ton barge would need to make 3,160 voyages to deliver 100,000 barrels of crude oil to a mother vessel in a day, according to Admiral Gambo, alluding to allegations that 20,000 to 200,000 barrels of crude oil are stolen per day in Nigeria.

He said that “the majority of these statements are unquestionably ridiculous and implausible.”

Even if there were enough barges to do this, the navy chief emphasized, it is highly improbable given the increased security presence in the creeks and estuaries and the ongoing operations particularly designed to stop this kind of criminal behavior.

On Monday, August 29, 2022, at 9 p.m. on Channels Television, watch Newsnight to see the entire interview with the Chief of Naval Staff.

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x