13 July 2014, Sweetcrude, Lagos – Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mr. Andrew Yakubu, has announced Federal Government’s approval to the NNPC to engage in legal oil bunkering as a way to effectively checkmate activities of illegal bunkerers on the nation’s territorial waters.
He said the nation was in dire need of reputable and legitimate bunkerers so as to arrest illegal bunkering and oil theft on the high seas.
Announcing this to energy correspondents in Uyo, Akwa-Ibom State, Yakubu said: “The NNPC is currently at the final stage of of entering into the fuel bunkering business. There is a legal type of fuel bunkering, permitted by law and done within the ambits of industry-sanctioned processes.
“Unfortunately, this legal bunkering has been overshadowed by the many illegal bunkering activities that are carried out across our waters, causing untold harm to our economy and environment”.
Yakubu, who spoke at a workshop organised by the NNPC for energy correspondents, also used the opportunity of the workshop to present his score-card after two years at the helm of the corporation.
According to him, the NNPC is now fully poised to participate across the entire oil and gas value chain taking advantage of associated downstream opportunities that will enhance value and productivity.
To this extent, he explained that the Corporation’s retail arm, NNPC Retail, would venture into the lubricants markets to take advantage of the growing sub-sector.
“Similarly, NPDC has significantly increased its gas contribution to the domestic market with over 570 million standard cubic feet per day (mscfd). This is attained through a combination of measures including drilling of additional assets and acquisition through the assignment of Federal Government interests in some fields at a consideration,” he said.