The Nigerian National Petroleum Corporation (NNPC) spent almost N50bn to repair and manage pipelines in 10 months.
The NNPC’s latest monthly report showed that a total of 363 vandalised points were recorded from January to October 2020.
The corporation spent N5.48bn on pipeline repairs and management cost in January; N6.74bn in February; N7.69bn in March; N7.84bn in April; N7.99bn in May and N6.24bn in June.
It spent N1.80bn in July; N1.49bn in August; and N4.41bn in October. No repairs and management cost was incurred in September, the report showed.
“Products theft and vandalism have continued to destroy value and put NNPC at disadvantaged competitive position,” the NNPC said.
It said 23 pipeline points were vandalised in October, representing about 10 per cent increase from the 21 points recorded in September.
The corporation said, “Of this figure, Mosimi Area accounted for 83 per cent of the vandalised points while Port Harcourt Area accounted for the remaining 17 per cent.
“NNPC, in collaboration with the local communities and other stakeholders, continuously strive to reduce and eventually eliminate this menace.”
Earlier this month, the national oil company said a total of 96 companies from various jurisdictions had indicated an interest in undertaking the rehabilitation of its downstream facilities, ranging from critical pipelines to depots and terminals, through the Build, Operate and Transfer financing model.
The Managing Director of the Nigerian Pipelines and Storage Company, Mrs Ada Oyetunde, said the exercise was in conformity with the mandate of the Federal Government to prioritise the rehabilitation of critical downstream infrastructure across the country.