Nigeria Says It Will Tackle Oil Thefts

From CNBC Africa

Key players within Nigeria’s oil and gas industry gathered to deliberate strategies in the sector that would create growth.

Nigeria loses over 735 million Naira daily due to gas flaring. PHOTO: Getty images

During the Nigeria Oil and Gas week conference, focus was placed on the country’s underdeveloped gas sector, oil theft and illegal bunkering of oil. These are current problems that Nigeria faces.

(WATCH VIDEO: Impact of Bunkering on Nigeria’s Oil Industry)

“It’s a man-made problem so it has man-made solutions and eventually I think we will all gather around to deal with it. Not just the government alone – which we consistently put all the pressure on – but the private sector, corporates, civil societies and the communities. We need to solve that problem,” Wale Tinubu, CEO, Oando told CNBC Africa.

In 2011, the government gave a rebel leader, Government Ekpemupolo, better known as Tompolo’s company – Global West Vessel Specialist Limited a pipeline surveillance contract worth 103.4 billion dollars to protect the country’s waterways and curb the rampant oil theft in the Niger Delta region of the country.

Written by Dara Rhodes/Read more atCNBC Africa

The post Nigeria Says It Will Tackle Oil Thefts appeared first on AFKInsider.