• Plans stronger laws against theft, vandalism
Tayo Busayo, Abuja
DAILY COURIER - The National Assembly has pledged its support for NNPC Limited’s initiatives to increase Nigeria’s crude oil production and expand its reserves, expressing intentions to enact stricter penalties for crude oil theft and vandalism of vital hydrocarbon infrastructure.
According to a statement by its spokesperson, Olufemi Soneye on July 16, this commitment was articulated during an oversight visit by the National Assembly's Joint Committee on Petroleum Resources (Upstream) to the NNPC Upstream Investment Management Services (NUIMS) headquarters in Lagos on Tuesday. The delegation was led by Committee Chairmen Senator Eteng Jonah Williams and Hon. Alhassan Ado Doguwa, who emphasized the severe impact of crude oil theft and infrastructure vandalism on Nigeria’s revenue and budget goals.
Senator Williams highlighted the necessity for legislative action to curb crude oil theft and enhance production. "It is imperative for the National Assembly to introduce measures that will aid the government in achieving its oil and gas sector objectives," he stated.
Hon. Doguwa echoed this sentiment, pledging swift legislative support to fortify the framework needed to tackle the issues plaguing the sector. He praised NNPC Ltd.’s security efforts but stressed the need for further action to boost production and reserves. Doguwa suggested a "stick-and-carrot" approach to address these challenges, with a strong emphasis on punitive measures where required to safeguard Nigeria’s economic growth.
Mr. Bala M. Wunti, Chief Upstream Investment Officer (CUIO) of NNPC Ltd, provided an in-depth presentation to the legislators, describing NUIMS as the steward of Nigeria’s upstream investments, ensuring maximum returns through diligent supervision of Joint Venture (JV), Production Sharing Contracts (PSC), and Service Contracts (SC) operating partners.
Wunti underscored the importance of collaboration with the National Assembly to achieve NNPC Ltd’s goals. "Increasing production is the new narrative, and your support is essential to achieve our targets based on the principles of safety, speed, compliance, and efficiency," he said.
Wunti also highlighted the success of the industry-wide security collaboration against crude oil theft and vandalism, utilizing a four-way strategy of "Detect, Deter, Respond, and Recover," which has been crucial in recovering some of the nation’s lost production.