Adedapo Adesanya
By Adedapo Adesanya
The federal government has adopted a Turkish technology for the security of crude oil pipelines and other oil installations in a bid to increase crude production that has been stifled by theft and underinvestment.
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, disclosed this after an engagement with the Turkish Ambassador to Nigeria, Mr Hidayet Bayraktar, in a meeting focused on strengthening bilateral ties, especially in the critical areas of crude oil business, pipeline security, and indigenous technologies.
He said enhancing crude oil production has been his top priority, as he continues the part of progress towards the transformation of the nation’s oil sector.
Mr Lokpobiri in a statement on his official X handle said, “Acknowledging the longstanding diplomatic relations between our nations, we addressed concerns about a decline in crude oil relationships, mainly due to decreased production levels.
“I highlighted the measures we’ve taken and the recently enacted Petroleum Industry Act as catalysts for enhanced production.
“I assured the Turkish Ambassador of our confidence in the upward trajectory of our production. We explored broader commercial collaborations, emphasizing our commitment to addressing concerns and sustaining these vital partnerships. Our dedication to fostering enduring and mutually beneficial relationships is unwavering.”
Strengthening security around the country’s oil and gas pipeline system has been touted as a key aspect of the ongoing search for solutions to the scourge of crude oil theft and pipeline vandalism in Nigeria.
Crude oil theft and losses through pipeline vandalism pose serious threats not only to oil and gas exploration and exploitation in the country but also have huge negative consequences on the country’s economic growth, business prospects, and profit earnings by oil companies.
Oil which accounts for about 80 per cent of Nigeria’s foreign earnings has seen reductions over the years due to the underlying issues and with a target of 2 million barrels including condensates, Nigeria will be looking to apply all measures to effectively increase its main wealth channel.
