Page 17 - Nigeriaone mag 3 edition en

The managing director of NNPC nings accrued from crude oil ment of 7 million barrels of cru-
in a recent remark made this and gas receipts was only N400 de oil.
week, claimed that the value loss billion that the state owned oil In its outlook for Nigeria’s ener-
to sabotage and thieves is an company gained in terms of gy sector, Cardinal Stone Part-
estimated 700,000 barrels per revenue. The available records ners Limited, an investment firm
day of crude oil production. disclosed that the country has has predicted that the energy
The managing director of the paid an estimated 2 trillion to sector will remain in ditches and
Nigerian National Petroleum offset subsidy payments over the will continue to perform poorly
Corp. (NNPC) sparked contro- 7-month period — whereas the in the second half of 2022.
versy this week when he said the payment of N1 trillion has been In a conference themed: “Same
value loss to thieves and sabo- carried forward. Challenges, New Shocks” it was
tage is the equivalent of 700,000 Beyond the payments made by pointed out that pre-election
barrels per day of crude oil pro- the state oil company, the Nige- year concerns and the sky roc-
duction. Mr Kyari went further to rian National Petroleum Com- keting inflationary trends will be
accuse mosques and churches pany is expecting N300 billion important factors responsible
for keeping stolen petroleum from four oil companies – Mobil for ensuring the energy sector
products;an allegation that has Producing Nigeria (MPN), continues to perform poorly in
not been substantiated with any Chevron Nigeria Limited (CNL), addition to the issues of crude
credible evidence and one that Shell Petroleum Company theft and pipeline vandalism.
religious groups have vehe- (SPDC) and First E and P this
mently denied. The total ear- month for an outstanding pay

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