The Nigerian Navy has made a significant breakthrough in its fight against oil theft and illegal refining activities in the country. On Tuesday, the Navy announced the discovery of a massive illegal refining site in Rivers State, capable of producing two million liters of petroleum products daily.
The site, located around Ogoloma River in Bakana, Degema local government area, was uncovered after a sustained intelligence and surveillance effort by personnel of the Nigerian Navy Ship (NNS) Pathfinder. The Commander of NNS Pathfinder, Commodore Cajethan Nnabuchi Aniaku, led journalists on a tour of the site, revealing the extent of the illegal activities.
According to Aniaku, the site is one of the largest illegal refining facilities discovered in recent times, with the capacity to produce large quantities of petroleum products. He noted that the Navy’s operation was in line with the directive of the Chief of Naval Staff, Vice Admiral Emmanuel Ogalla, to clear all illegal crude oil refining sites within their areas of responsibility.
Meanwhile, the Nigerian National Petroleum Company (NNPC) Limited has declared a net profit of N3.297 trillion for the 2023 financial year, an increase of over N700 billion (28%) compared to the previous year. The company’s Chief Financial Officer, Mr. Umar Ajiya, attributed the impressive performance to strategic foresight and operational resilience.
It bears mentioning that the CFO noted that the NNPC Limited’s fiscal performance reflects both strategic foresight and resilience, despite challenges in the operational and economic environment. He added that the company’s commitment to transparency and accountability is evident in the release of its Audited Financial Statement (AFS) for 2023.
In another development, the Federal Government has announced that sales of crude oil to Dangote Refinery and other local refineries will commence on October 1, 2024, in naira. The move is aimed at ensuring the stability of the pump price of refined fuel and the dollar-naira exchange rate.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the announcement during a meeting with the Implementation Committee on Monday in Abuja. The meeting reviewed progress on key initiatives, including the upcoming commencement of naira payments for crude oil sales to the Dangote Refinery starting October 1, 2024.
The NNPC Limited has also announced plans to target 2 million barrels per day of crude oil production by the end of the year. The company’s Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan, noted that improvements witnessed in the war against crude oil theft and pipeline vandalism have positioned the company to achieve this target.
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Notably, the Nigerian Navy has warned that it will not rest until all illegal refining sites are destroyed and urged oil thieves to desist from their activities. The Navy’s commitment to eradicating oil theft and illegal refining activities is evident in its sustained efforts to uncover and destroy illegal refining sites across the country.
It is worth noting that the NNPC Limited’s impressive financial performance and the Federal Government’s move to commence sales of crude oil to local refineries in naira are seen as positive developments in the country’s oil and gas sector. However, the fight against oil theft and illegal refining activities remains a major challenge that requires sustained efforts from all stakeholders.
