Nigeria loses $2bn to oil theft in eight months

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Nigeria has lost $2 billion to oil theft between January and August this year, according to a report by an ad-hoc committee set up to investigate oil theft.

Uba Group

The committee said that concerted efforts were being made against the crime by all stakeholders, which have started yielding results.

Forcados Terminal is producing 500,000 barrels per day compared to zero production in the first six months of 2022.

Moreover, Bonny Terminals is producing 87,000 barrels of oil per day from zero production a couple of months ago due to the activities of economic vandals.

The report called upon the Bureau of Public Procurement to expedite all procurement processes for the Nigerian Upstream Petroleum Regulatory Commission to provide quick deployment of an online real-time monitoring system across all upstream oil and gas production platforms.

“NUPRC should fast-track the upgrade of the national production monitoring systems to enable real-time monitoring of flow station and terminal activities,” the committee stated.