The Minister of State for Petroleum Resources, Timipre Sylva, says Nigeria loses at least 700,000 barrels of crude oil to thieves daily.
Sylva said this at the 2002 graduation of students of Petroleum Training Institute (PTI) in Effurun, Delta State on Saturday.
The minister, who was represented by the Permanent Secretary, Ministry of Petroleum Resources, Amb. Gabriel Aduda, said crude oil theft has impacted negatively on the nation’s foreign exchange inflow.
He, however, said the Federal Government was making concerted efforts to curtail the menace.
“Oil theft has denied the country of an estimated 700,000 barrels of crude oil per day. The adverse effect of this is the drop in the production of crude oil and decline in the national income,” Sylva said.
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The minister stated that the petroleum ministry would synergise with the National Assembly to ensure that adequate attention was given to the amendment of the PTI Act, adding that the institute could achieve more if the PTI Act was amended to enable the institute to have access to more funding.
Sylva said the ministry has given PTI mandates in different areas of research into use of local materials in crude oil production, stoppage of gas flaring, and the commercialisation of gas, among others.
The minister further advised the institute to embrace contemporary ways and methods to deliver on its mandates following global rapid changes in technology.
He also enjoined the institute to liaise with relevant parastatal agencies of government and local and international oil companies for the continued upgrade of relevant training curricular.
Sylva, however, congratulated the graduates and assured them that there were opportunities in the oil and gas industry.
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