In May, the Nigerian National Petroleum Corporation (NNPC) recorded a 43% drop due to suspicious oil thieves deliberately destroying its oil pipeline infrastructure. This was disclosed in a statement signed and released on Wednesday by Dr. Kenny Obatlu, the company’s group general manager in charge of the public affairs department. According to him, the NNPC Monthly Financial and Operations Report (MFOR) for May 2020 showed that 37 oil pipelines were destroyed. This is a drop of about 43% from 65 points in April 2020.
Point of Vandalised Oil Theft
The Mosimi-Ibadan pipe axis accounts for 38% of the failure points, while the Atlas Cove-Mosimi axis records 19% of the failure points. Suleja-Kaduna recorded 16% of rest time, while other locations made up for the remaining 27%.
Obateru explained that NNPC, in collaboration with local communities and other stakeholders, will continue its efforts to control the disease.
The May 2020 report showed that the trade surplus was 2.68 billion guilders, while the trade deficit announced at the peak of the impact of COVID-19 in April 2020 was 30.81 billion guilders, resulting in price fluctuations and reduced demand. NNPC reported that the 109% increase in revenue this month was the cumulative result of improved performance in certain strategic business units of the company. The Nigerian Petroleum Development Corporation (NPDC) posted a surplus due to the substantial increase in market fundamentals, while demand began to rebound slightly, while the Nigerian Gas Sales Corporation (NGMC) recorded a 257% profit growth due to improved debt collection.
