Abuja—The Minister of State for Petroleum Resources, Timipre Sylva, during the weekend said Nigeria loses 700,000 barrels of crude oil to theft daily.
According to the Vanguard, the minister, disclosed this at the 2022 graduation of students of Petroleum Training Institute, Effurun, Warri.
He however added that the federal government was making concerted efforts to curtail the menace.
The minister who was represented by Ambassador Gabriel Aduda, Permanent Secretary of the ministry, said crude oil theft had impacted negatively on the nation’s foreign exchange inflow.
He said, “Oil theft has denied the country of an estimated 700,000 barrels of crude oil per day. The adverse effect of this is the drop in the production of crude oil and decline in the national income.’’
He said the petroleum ministry would synergise with the National Assembly to ensure that adequate attention was given to the amendment of the PTI Act.
Sylva said that the institute could achieve more if the PTI Act was amended to enable the institute to have access to more funding.
He said the ministry had given PTI mandates in different areas of research into the use of local materials in crude oil production, stoppage of gas flaring and the commercialisation of gas, among others.
The minister advised the institute to embrace contemporary ways and methods to deliver on its mandates following global rapid changes in technology.
Sylva also advised the institute to liaise with relevant parastatal agencies of government and local and international oil companies for the continued upgrade of relevant training curricula.
Sylva congratulated the graduates and assured them that there were opportunities in the oil and gas industry.
“The skills you acquired will be pivotal in actualising the ever-evolving goals in the oil and gas industry.
“I am saying this confidently because the world still relies largely on hydrocarbons,’’ he said.
Earlier, Dr Henry Adimula, the Principal and Chief Executive Officer of PTI said 1,156 graduates would receive diplomas and certificates for the 2021/2022 academic session.
“Out of this figure, 659 will be awarded National Diploma and 501 will be awarded Higher National Diploma, while six graduates will receive the PTI General Welding Certificates.
“I am delighted to inform you that out of these number, 112 students graduated with distinction while 380 graduated with upper credits,’’ he said.
Adimula said PTI’s vision and mission, anchored on competence and capacity, had distinguished it as a Centre of Excellence for human capacity development in the oil and gas industry in Nigeria and beyond.
He appealed to the National Assembly and major stakeholders in the oil and gas sector to support the amendment of the PTI Act.
The News Agency of Nigeria reports that the ceremony was part of activities lined up to mark the 50th anniversary of the PTI.
A highlight of the event was the presentation of awards to distinguished individuals including the Ovie of Uvwie Kingdom, Dr Emmanuel Sideso Abe.
FG loses $7billion to crude oil theft
The Federal Government said it is losing about $7billion annually to crude oil theft in Nigeria, at the rate of 180,000 barrels per day.