You encourage oil theft by buying stolen crude, Nigeria accuses international community

The government is investing in technology to
trace the crude oil DNA to those who buy
from oil thieves.
The Federal Government on Tuesday threw the
challenge to curtail the increasing incidence of
theft of Nigeria’s crude oil to the
international community, accusing
International oil traders of abetting the crime
with their high appetite for the stolen
The Minister of Petroleum Resources, Diezani
Alison-Madueke, said in her address at the
opening of the Offshore Technology
Conference, OTC, in Houston, Texas, that the
international community must join in the fight
against the criminal activities of oil thieves
and pipeline vandals by cutting down on their
high appetite for stolen crude oil from Nigeria.
The Minister, who was represented by the
Group Managing Director of the Nigerian
National Petroleum Corporation, NNPC,
Andrew Yakubu, said it was imperative that
they halt their appetite for stolen crude oil
from Nigeria if the country must meet its
obligations in the global energy supply mix.
“The President is taking this matter seriously
and the Minister is working at it aggressively,”
Mr. Yakubu said. “It takes two to tango. If
those stealing Nigeria’s crude do not find a
ready market for it, there would be no
incentive to steal. That is why we are appealing
to the international community to take action.
“Tracing the country’s 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
governments in this regard,” he added.
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, pointing out that 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 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.
She named some of these initiatives to
include, growth in crude oil reserves and
expansion in production capacity, repositioning
of gas for re-industrialization/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, PIB, the
minister 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
“This, in addition, will attract investment into
the sector. Therefore, West Africa 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.

Culled from 247 Nigeria News Update.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s