The Nigerian National Petroleum Corporation says it expended a sum of N41.98bn on pipeline repairs and management cost in the first half of this year.
The NNPC disclosed this in its latest monthly oil report, saying, “Products theft and vandalism have continued to destroy value and put NNPC at disadvantaged competitive position.”
The corporation also noted that a total of 1,067 vandalised points were recorded between June 2019 and June 2020.
It said a total of 33 pipeline points were vandalised in June 2020, representing about 11 per cent decrease from the 37 points recorded in May.
In August, the NNPC called on investors to bid for the repairs of pipelines and depots across the country, adding that the rehabilitation of the facilities would be done through a build, operate and transfer model.
Poor maintenance and vandalism have left many of the depots and pipelines idle for years, with the number of fuel tankers on the roads increasing and wreaking havoc.
The corporation spent N5.48bn on pipeline repairs and management cost in January; N6.74bn in February; N7.69bn in March; N7.84bn in April; N7.99bn in May and N6.24bn in June.
