President Muhammadu Buhari, has vowed to bring crude oil theft to its kneels by looking at practical solutions to the menace.
The President gave the assurance at the ongoing 24th World Energy Congress (WEC) in Abu Dhabi, United Arab Emirates on Tuesday.
Buhari’s pledge may not be unconnected with the 77 per cent rise in oil pipeline vandalism as contained in the June monthly report of the Nigerian National Petroleum Corporation (NNPC) with 106 pipeline breaches in June, up from just 60 in May.
Represented by the Minister of State for Petroleum Resources, Chief Timipreye Sylva, Buhari said the Federal Government would deliver Final Investment Decisions (FIDs) on at least four key projects within the nation’s oil and gas industry by the end of last quarter this year.
He said his vision was to bequeath a vibrant petroleum industry that will guarantee long term strategic investments and prosperity for Nigerians.
“My plan is to ensure that during my tenure, four Final Investment Decisions (FIDs) are taken. I am sure that within the next quarter, we should be able to conclude on some of these FIDs so as to grow the industry,” the Minister stated.
The Minister also highlighted gas development as part of government priority to fast track the industrialization drive of the country.
“As you are aware, we are focusing on the Ajaokuta-Kaduna-Kano (AKK) pipeline project which will address some of our power issues and encourage the setting up of local industries and businesses along different areas in Nigeria.”
Sylva also shed more light on the imperative of rehabilitating the nation’s refineries, saying that it was unsustainable for Nigeria to continue to import petroleum products.
The Minister further stated that while private investment in the refining sector is encouraged, Government should focus more on the repair of its existing refineries.
“People are talking about modular refineries, we know that modular refineries are part of the solution but they can only be part of the solution and not the solutions themselves. So, we are going to try to encourage modular refineries but before that, we are going to really focus on repairing the existing refineries to ensure that we are back on stream very shortly,” Sylva added.
He maintained that government was also looking at the issue of reducing the cost of production through robust engagement with the International Oil Companies (IOCs) towards getting best value for all stakeholders.
According to the Minister, Nigeria needed to lend its voice to global energy fora as they remain some of the best platforms where major decisions that impact the global energy landscape are taken.
Meanwhile, Nigerian oil exports, reports say, is increasingly heading to Los Angeles refineries due to limited pipeline link from Shale production but report fears the favourable export window may soon shut
The report said that Nigeria’s oil earlier displaced by U.S. shale, has found an unlikely new outlet this year to the coast of the continental United States that is farthest from the Nigeria’s shores.
The shale boom has upended the global market, turning the United States from a keen buyer of Nigerian oil to an aggressive competitor.

https://www.sunnewsonline.com/buhari-vows-to-tackle-77-rise-in-crude-oil-theft/amp/

Oshe.... first to comment after 6 years on nairaland....seun where my money.... back to the matter on ground our presido make too much noise....he should tackle South Africa first

Mr vow. This man is very weak to be a leader. He will never vow to deal with the so called bandits or the menace happening along Kaduna-Abuja highway.

Vow kill you der

K

Yeye they smell....

Rubbish tackle!

i hope he will


From Solutech LTD, Is your laptop faulty, slow, non-functioning, needs upgradeor you need its accessories? dont worry call us back.

Na today?

Na this kind matter bubu dey like show power. Why u no vow to bandits . Rubbish

The bunkerers and indigenes doing this shit yet they would blame oil companies for spillage

God bless this great man,
President Muhammadu Buhari as he is doing everything he can to make our country work again after being brutalized and raped for 16 years.

Nigeria will be great again.

donaldfafree:
Na this kind matter bubu dey like show power. Why u no vow to bandits . Rubbish

Keep wailing on everything for the next 4 years Donald.
Na body go tell u las las....

Nothing make wailers happy for a minute in a day,
they are always wailing.
Irredeemable.

Atiku the lesser evil will do better Sir.... Get out of here.....
Atiku is coming... Bubu in panic mode.

Stop this non-sense, the onces u vowed b4 wat was the outcome.

Always talking and talking

OK...


He'll be surprised stepping on some of his cabinet toes....


The thieves in Nigeria are always on suit or agbada.....

Look no further.. They are the same people in your government

Sailor never save him head, he dey use hand search for him cap. Continue...

President of the zombies

Ok o

Tackle tackle tackle. That's all this dullard has been saying since 2015.

Not a single thing I've seen successfully tackled.

Our president has gone mad again...

Most times I wonder if this man called PMB can effectively manage his home talkless of Nigeria at large

Mr president your government both in military & civilian rule is worst ever.

You have failed in all coroner of government

Let him first of all ban all those crude oil pipelines that were channeled to the north then ban those northerners that own plenty oil Wells. This is my aberration

Step down and see it reduce

As long as our security personel are not patriotic, this mere reading, not even statement let alone vow. Sometimes ago, governor Wike alleged that senior security officers were running oil bunkering cartel. Did Buhari govt or military challenge him till date?

This man is always "vowing".... Vow ko.. Vowel ni.. Vow kill you dia.[color=#990000][/color]

sapoyoro:
Always talking and talking

.......but never doing anything.
Failed promises everywhere you turn.
Failure defined. Packaged incompetence is still incompetence.


www.nairaland.com/attachments/3041343_resize_jpeg_jpeg384963ae8ea3da4721c0ff0a90d0291d

Vowing since 2015 o....

After he will be proud to say he is baba go slow...

God will surely make a way for us in dx country.

Meanwhile... If you need Original Unadulterated Natural Honey.

Call or whatsapp me on the number attached to my signature below

post=82118107:

Keep wailing on everything for the next 4 years Donald.
Na body go tell u las las....

Nothing make wailers happy for a minute in a day,
they are always wailing.
Na wa o!

please how old are you?