Oil & Gas: Okowa calls for strategic alliance to protect facilities


Okafor Ofiebor/Port Harcourt

Senator Dr Ifeanyi Okowa, Governor of Delta State, has called for strategic alliance between host communities in oil producing areas, the international Oil companies (IOCs) and security agencies in securing oil and gas investments in the state.
The Governor made the call Wednesday during a one-day stakeholders’ summit on vandalism of oil and gas facilities and installations with the theme, “security and environmental challenges in oil and gas sector in Delta State – the way forward,” at the Petroleum Training Institute (PTI) conference hall, Effurun.
According to Senator Okowa, while the downward trend in crude oil price had led to a sharp drop in allocation to the state from the Federation Account from N20 billion to as low as N6.7 billion, “our problem is further compounded by the recurring decimal of crude oil theft and pipeline vandalization which by most accounts, about 400,000 barrels of oil are stolen daily, accounting for trillions of naira loss to the economy and when we add the value of the gas condensate lost also, the figure becomes astronomical.”
He added, “the summit should provide insight and proffer solutions to the types of threats faced by oil and gas installations because, we need to have a clear understanding of the various threat groups, the dangers they represent, their goals, capabilities, opportunities, past attacks and possible future attacks,” reiterating that “to boost our earnings from oil – which is what this summit is all about – we should construct creative and enduring strategies that will enable strategic alliances among the host communities in oil producing areas, the IOCs and security agencies in securing oil and gas investments in Delta State.
“I must also stress the need for appropriate sanctions to be meted out to oil thieves when they are caught. We need to deal decisively with these economic …Read More

Source:: PM Newspaper