The Nigerian National Petroleum Corporation incurred a total expense of N32.56bn maintaining pipeline security from February to July this year.
The NNPC spent N5.81bn on pipeline security and management in February; N5.32bn in March; N2.64bn in April; N5.26bn in May; N6.17bn in June, and N7.35bn in July.
According to data obtained from the NNPC, total of 261 pipeline points were vandalised in the first five months of this year.
The NNPC said the Port Harcourt area accounted for 65 per cent in May while Mosimi and Kaduna areas accounted for 30 per cent and five per cent respectively of the vandalised points.
“NNPC in collaboration with the local communities and other stakeholders continuously strive to reduce and eventually eliminate this menace,” the corporation said.
The corporation had repeatedly said product theft and vandalism had continued to destroy value and put NNPC at disadvantaged competitive position.
