The level of crude oil theft and the impact on the economy has been described as a national crisis.
Chairman of the committee to investigate crude oil theft, Senator Albert Bassey came out with this after a week long visit to oil producing facilities in the upstream, midstream and downstream sector operating in the Niger Delta.
He explained that on the site investigations have revealed and given the committee more detailed information on the foundational cause of crude oil theft and how it can be resolved.
Senator Bassey who is also the Senate Committee Chairman on the Upstream said the adhoc committee would also make recommendations to the Senate on amending the Petroleum Industry Act, PIA and oversight functions of the regulatory bodies in the sector.
Senate Committee Gives Resolutions to Oil Theft in the Niger Delta
He expressed dismay on how the security personnel in charge of maritime boundaries see vessels laden with stolen crude oil leaving the country without any monitoring.
Senator Bassey told newsmen that revelations from the fact finding mission and what was discovered in the process shows that there is nothing like stealing.
However the Chairman insisted that any vessel leaving the community or country must be registered and approved adding that upstream assets should be properly monitored by security agencies.