Minister of State for Petroleum Resources, Timipre Sylva said that the Federal Government has acquired “state of the art software and gadgets” to help fight the growing oil theft in the oil-bearing region.
Timipre Sylva said: “This administration is making concerted efforts to curtail crude oil theft; which has reduced government’s revenue and foreign exchange income. Oil theft has denied the country of an estimated 700,000 barrels per day. The adverse effect of this is the drop in the production of crude oil.
“These criminal activities are not taking place in oblivion. Therefore, the involvement of locals in tackling the problem is very essential. Similarly, Federal Government has acquired state of the art software and gadgets to detect, and monitor crude oil theft in real time”
According to the minister, the Federal Government is facilitating the creation of the Nigerian Oil and Gas Park at Odukpani in Cross River State. He said the foundation of the park was laid in 2018 and is expected to be completed by the fourth quarter of 2022. Sylva said the park will create an environment for low-cost manufacturing that will introduce equipment components and spare parts to be used in the Nigerian Oil and Gas sector.
He added that completion of the project will certainly benefit the national economy because it will reduce the increasing demand for foreign exchange for importation of equipment and provide employment opportunities for PTI graduates.
The Principal and Chief Executive Officer of the PTI, Dr. Henry Adimula, mentioned that the PTI is celebrating 50 years of existence, and had remained steadfast in its vision and mission, anchored on competence and capacity.