The Group Managing Director of the Nigerian National Petroleum
\nCorporation, NNPC, Engr. Andrew Yakubu has decried the persistent attacks
\non major pipeline arteries supplying crude oil to export terminals
\nstressing that the menace has impacted negatively on the nation\u2019s economy.
\nEngr. Yakubu made this known during his submission to the Senate and House
\nof Representatives Joint Committee on the Medium Term Expenditure
\nFramework (MTEF) for the period of 2014 to 2016.
\n\u201cThe critical and most important point to note here is that when the
\nartery conveying crude oil to the terminals is hit, this reduces our
\nproduction volume by 150,000 barrels per day and for the period that the
\nline is down and that accounts for the drop in crude oil production. From
\nFebruary to date we have witnessed so much breaches and each time we go
\ndown about 150,000bpd goes down, Engr. Yakubu informed.
\nHe said the Oil and Gas Sector is a key component of MTEF and any impact
\non it will have a negative effect on revenue flow to the federation
\naccount. He lamented that the continuous crude oil theft, pipeline
\nvandalism and shut-in have constrained the sector from meeting its revenue
\nprojection.
\n\u201cWe have looked at the 2014 oil projection from a realistic point of view
\nand we would continue to recalibrate it with the National Assembly and
\nother relevant stakeholders to ensure that the petroleum sector continues
\nto play a key role in the national economy, Engr. Yakubu posited.
\nAccording to him, there is no doubt that the menace of crude oil theft and
\npipeline vandalism have received the highest intervention from the
\nPresident, Dr. Goodluck Ebele Jonathan which resulted in the institution
\nof a Committee by the National Economic Council, NEC, comprising of some
\nGovernors, NNPC, Department of Petroleum Resources, DPR, International Oil
\nCompanies, IOCs, Security Agencies and other relevant bodies to work out
\nmodalities to mitigate the menace.
\nCommenting on the daily crude oil production figure, the NNPC GMD averred
\nthat the production figure has been very erratic as a result of the
\nseveral attacks on the arteries from February to date adding that the
\ndaily crude oil production figure ranges between 2.2mpbd to 2.3mbpd.
\nHe said that the NNPC actively participated with the Budget Office in
\narriving at the MTEF adding that the Corporation will do everything
\npossible to ensure that MTEF is achieved in terms of accruals from Oil and
\nGas projected input.
\nCorroborating the GMD, the Director General Budget Office, Dr. Bright
\nOkogu affirmed that the activities of crude oil theft and pipeline
\nvandalism coupled with the discovery of shale oil and gas was responsible
\nfor the inability of the NNPC to realize the projected 2.5mbpd crude oil
\nproduction in 2013.
\nIn his opening remarks, the Chairman of the National Assembly Joint
\nCommittee on MTEF, Senator Ahmed Makarfi said the rationale behind the
\ninterface with all revenue generating agencies was to x-ray the
\nworkability of MTEF<\/p>\n","protected":false},"excerpt":{"rendered":"
The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Engr. Andrew Yakubu has decried the persistent attacks on major pipeline arteries supplying crude oil to export terminals stressing…<\/p>\n","protected":false},"author":1,"featured_media":18702,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-18701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n