{"id":113208,"date":"2024-07-12T20:26:35","date_gmt":"2024-07-12T19:26:35","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=113208"},"modified":"2024-07-12T20:26:35","modified_gmt":"2024-07-12T19:26:35","slug":"oil-theft-fg-approves-21m-contract-to-meter-187-flow-stations","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/oil-theft-fg-approves-21m-contract-to-meter-187-flow-stations\/","title":{"rendered":"OIL THEFT: FG approves $21m contract to meter 187 flow stations"},"content":{"rendered":"
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In a major move to curb oil theft in the Niger Delta region, the Federal Government has approved a $21 million contract for the installation of meters in 187 flow stations.<\/div>\n
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\nThe Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri who disclosed this to journalists in Abuja on Friday said the move is expected to improve oil production and boost revenue to the Federal Account.<\/p>\n

Senator Lokpobiri also disclosed that another contract has also been approved to allow the government to monitor advanced cargoes to be able to track the movements of Nigeria\u2019s crude oil.<\/p>\n

He said the contracts which were approved by the Federal Executive Council have 180 days (six months) completion period.<\/p>\n

\u201cOne of the key decisions of the Federal Executive Council on Wednesday has to do with the awarding of the contract for metering of our 187 flow stations across the Niger Delta region of Nigeria by the Nigerian Upstream Petroleum Regulatory Commission, NUPRC.<\/p>\n

\u201cAs part of the reforms to ensure that we have proper accountability, the Federal Executive Council approved the metering of all our production and we have 187 flow stations in the country, littered across the Niger Delta area so that we would be able to properly account for what we produce and what we export. It\u2019s a major, major development that will happen in this country.<\/p>\n

\u201cThis project is meant to be completed within six months, within 180 days. And it\u2019s important that Nigerians know some of the key steps that this government is taking to ensure that we maximize the opportunities that other countries are getting by the availability of oil and gas\u201d.<\/p>\n

\u201cAs part of the steps towards ensuring that we account for what we produce and then Nigerians get the maximum value for what we produce, the second memo that was approved by the Council has to do with what we call advance cargo. Which means we\u2019re awarding a contract to a company that will provide the technology within the 180 days, the same period, to enable us, you know, know from the point of loading of every cargo of crude oil that\u2019s loaded in Nigeria up to the point of destination.<\/p>\n

\u201cSo if, from Forcados terminal crude oil is loaded, I can stay in my office and know when it\u2019s taken off from Nigeria up to the final destination. You will agree with me that most of the times we talk about the issue of oil thefts, major steps have to be taken. But this is the time for us to take very, very major steps so that we know from the beginning what we produce to the point of loading from our terminals up to the point of destination\u201d.<\/p>\n

He explained that the main objective from the contracts \u201cis for us to ramp up production and improve the federation revenue.<\/p>\n

“Remember that oil is still the fastest way we can raise the funding we need to be able to address our economic and social problems\u201d.<\/p>\n

Senator Lokpobiri said the move would provide a database on the movement of Nigeria\u2019s crude and a tracking centre for crude oil export.<\/p>\n

He noted that reforms put in place by the administration have increased investors\u2019 confidence in the Nigerian environment adding that in the coming months, the government expects major investment decisions that would \u201camount tens of billions of dollars\u201d.<\/p>\n

The Oil Minister also said the ongoing move by International Oil Companies, IOCs, to divest their onshore assets was going on smoothly, assuring that it was not unusual in any sector.<\/p><\/div>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

In a major move to curb oil theft in the Niger Delta region, the Federal Government has approved a $21 million contract for the installation of meters in 187 flow…<\/p>\n","protected":false},"author":1,"featured_media":107294,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-113208","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nOIL THEFT: FG approves $21m contract to meter 187 flow stations - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/oil-theft-fg-approves-21m-contract-to-meter-187-flow-stations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OIL THEFT: FG approves $21m contract to meter 187 flow stations - 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