PRIZE Energy

Nigeria Energy Companies At A Glance

ADDAX PETROLEUM

Addax Petroleum has a long history with the Federal Government of Nigeria. The beginning of the relationship between Addax Petroleum and the Nigerian National Petroleum Corporation started in 1998.

The company is a part of the Chinese Sinopec Group; their major production power is concentrated in the Middle East and Africa. The company works with over 100 wells in Nigeria. Its net worth is estimated at more than 17 million pounds.

Oil Pipeline Vandalism in Nigeria Soars 77%

The Nigerian National Petroleum Corporation (NNPC) said that it had seen a 77-percent jump in the number of cases of oil and fuel pipeline vandalism on its pipeline infrastructure in June.

NNPC is trying to clamp down on vandalism and has teamed up with a state security company to improve the safety of oil pipelines and to stand up against pipeline vandalism and oil theft, which have plagued the local oil industry for decades.
Leaks in pipelines crisscrossing the Niger Delta are often caused by oil theft, and field operators have frequently declared force majeure on exports of key Nigerian crude grades.

This has hurt exports and oil revenues, which has been particularly hard on the Nigerian budget during the latest price crisis.

Source: https://oilprice.com/Energy/Energy-General/Oil-Pipeline-Vandalism-In-Nigeria-Soars-77.html

Oil Pipeline Vandalism In Nigeria Soars 77% | OilPrice.com