Energy Insecurity: Indigenous Oil Firm Seeks Security Fund

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In order to meet the 1.8million barrels per day (mb/d) OPEC quota, Nigeria has been advised to a fund to squarely tackle the attacks on oil and gas facilities and crude oil theft.

At a briefing in Abuja, chairman of an indigenous oil company, Lee Engineering Group and Allied Companies Limited, Mr. Leemon Ikpea, noted that the seriousness of the current onslaught against oil thieves accounted for the recovery of statutory revenue from crude oil exploration in Nigeria.

He said Nigeria can only boost its foreign exchange (dollar) when there is increased crude oil production.
The company chairman said he was forced to suspend his company’s implementation of the Ohaji (ANOH) project because of insecurity.

Also Read: Oil Theft: Academy of International Affairs Call for Judicial Inquiry

According to him, insecurity has cost his company seven staff, and billions of money in equipment and facilities, including those rusting away at the site today.

He said: “You talked about Assa Ohaji (ANOH) project. I am the one handling it. I lost seven staff. Militants killed seven of my staff, and it forced to suspended work there since August 16. The attack happened on the 16 and from that time till date all my equipment are rotting away there.

“So you can imagine what I have lost. It is in billions. So many big equipment are there like cranes.”
Calling for a synergy among the companies (IOCs) and the federal government, Mr. Ikpea said such collaboration will boost the in the region, culminate in meeting the OPEC quota and rake in more revenue into the country.

Also Read: Nigerian Authorities Hopeful After Massive Oil Theft Busts

According to him, the situation in Nigeria should not be left in the hands of the government alone. “If possible, we can have a security fund that can be in the pool in a certain bank and if there is any flashy area, they can go to that fund.”

To raise the fund, he recommended could be realized from a certain percentage from the profits of the multinationals. He extolled the NNPCL management for the discovering crude oil theft and fighting it headlong.

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