A Review of the Nigerian Energy Industry

Firm to help Nigeria tackle oil theft, pipeline vandalism in 2015 security summit

16 July 2015, Lagos – Following the prevailing pipeline vandalism and oil theft in Nigeria which have resulted in decline in oil output and revenue, an India-based international security solution company, Nispana Innovative Platforms, has devised ways to help tackle the menace through the upcoming second Annual Offshore Security Oil Theft -Nigeria Summit in Lagos on August 6 to 7.

Oil theft
Oil theft

It urged all Nigerians and governments to join hands in the fight against maritime crime.

According to a statement made available to THISDAY on Wednesday by Nispana Managing Director, Narendra Kumar, the Nigerian oil industry is plagued by several challenges to achieve its maximum output potential, and due to the prevailing security problems, the industry has suffered immense losses, from piracy, oil theft on and offshore, oil bunkering and poor infrastructure.

Accordingly, he said: “The summit will determine and focus to give an insight into the current challenges pertaining to oil theft, pipeline vandalism, funding gap in the oil and gas new exploration project, Maritime Security and environmental issues faced by the oil companies operating out of Nigeria. The summit will take place over two days and will have discussions and interactive session, case studies by maritime security experts, oil and gas exploration and production companies from all across Africa and Europe.”

Kumar revealed in the statement that studies have shown that the country lost N1.2 trillion to crude oil theft in 2014, noting that Nigeria’s oil output was already falling before the drop in oil prices because of oil theft and pipeline vandalism in the Niger Delta region.

He said: “This year, the number and severity of piracy and armed robbery incidents must continue to decline. According to reports, 55 attacks in 2014 in African waters are attributed to African pirates. Of these, 41 took place in the west, in the Gulf of Guinea and Atlantic Ocean seaboard, and 12 occurred off the horn of Africa or along the Western Indian Ocean seaboard. Therefore, coordinating maritime policy will be the biggest issue for stakeholders.

“States are increasingly prepared to work together, which is evident on regional, continental and international levels and the federal government has set aside $1billion to fight pipeline vandalism and oil theft in 2015.”

Kumar explained that Nispana Innovative Platforms as a company based in India with a branch in Dubai, has identified that it is conducive to address these security risks and problems which are affecting the Nigerian oil industry, after the grand success of the first offshore security in oil and gas, as “Nispana is proud to announce the 2nd Annual Offshore Security Oil Theft-Nigeria Summit at Lagos, Nigeria.”

The business development manager stated that the summit would also give an insight into oil theft, pipeline vandalism, funding gap in the oil and gas new exploration project, maritime security and environmental which are current challenges facing the oil companies operating in Nigeria.

“The summit will take place over two days and will have discussions and interactive session, case studies by maritime security experts, oil and gas exploration and production companies from all across Africa and Europe,” the statement added.

It also stated that the summit would give a factual insight on the situation while providing a platform for excellent opportunity for networking and sharing experiences in the application of security issues throughout the learning cycle.

 

– This Day

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