Chief Timipre Sylva, the Minister of State Petroleum Resources, on Monday attributed the loss of revenue from crude production in Nigeria to theft, pipeline vandalism and decayed infrastructure.
Sylva, in a statement by Horatius Egua, his Senior Adviser, Media and Communications, said despite the challenges, the Federal Government of Nigeria was determined to end the trend.
According to him, the present government was determined to end the trend through security along the major oil and gas pipelines in the Niger Delta region and improved investments.
Sylva’s statement read in part, “It’s a known fact that the major losses of crude oil in the country have been through theft and destruction of oil pipelines.
“Again, we also know that some of the oil infrastructure are old and decayed and cannot perform at maximum capacity.”
Sylva added that there is also the issue of a lack of investments in fossil fuel in Nigeria and the drive towards renewable energy has really hampered new investments in this sector.
