Following an upsurge in vandalism incidences over an 18-month period, Nigerian National Petroleum Company Limited spent about N34.47 billion repairing and managing pipelines.
Recent information from the Nigerian Extractive Industries Transparency Initiative’s Oil and Gas Report suggested this.
According to NEITI data for 2021, pipeline maintenance and repairs cost N22.05 billion.
The NNPCL also reported spending N12.42 billion on pipeline security and maintenance between January and June 2022.
350 pipeline points were vandalised during the first half of 2021, according to the NNPCL.
According to the NNPCL, ongoing efforts have been made to lessen the threat of pipeline vandalism in cooperation with the local communities and other stakeholders.
According to Mele Kyari, group CEO of NNPCL, the company was able to track product supply and distribution across the nation by implementing Operation White and the Automated Downstream Operations and Financial Monitoring Centre.
According to him, it has decreased illegal activities like oil theft and cross-border petroleum product smuggling, which in the past have disrupted the supply and distribution system and cost the nation significantly in lost revenue.
The national oil corporation announced in January 2021 that 96 businesses from various countries have expressed interest in restoring its downstream infrastructure, which include crucial pipelines, depots, and terminals, using the Build, Operate, and Transfer finance model.
