Breaking: Panic as $3.27 billion worth of crude oil is stolen in 14 months — FG

The Federal Government recently expressed concern over the escalating rate of crude oil theft in the Niger Delta, revealing that around $3.27 billion in oil had been lost to damage and theft in the previous 14 months.

High-level incidences of oil theft, according to the government, have posed a threat to the country's corporate and economic existence, with the sector considering trucking crude oil from fields to export terminals.

This came on a day the Defence Headquarters announced the destruction of 49 illegal refineries and arrest of 70 oil thieves and pipeline vandals in the Niger Delta.

In a presentation at a stakeholders’ engagement in Abuja yesterday, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, said the government is extremely worried about the huge loss of oil revenue to vandals.