Abuja – The Pan Ocean Oil Corporation, a local independent oil company, has claimed to have lost more than $4.96 billion as a result of vandalism to the pipeline and oil theft, All Africa reports.
Toni Ezeukwu, General Manager of Pan Ocean Oil Corporation, that the company had lost approximately 40 000 barrels of oil daily from April 2006 to 2010.
Ezeukwu also said that the company is moving towards solving this issue by conversing with 22 host communities to help to provide surveillance for the pipelines.
He also commented that Pan Ocean has been utilising new technology to bury the pipelines deeper so that vandals would not be able to access them.
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