The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country lost about $3.27 billion worth of crude oil to theft between January 2021 and February 2022.
The commission disclosed this during a presentation on crude oil theft at a stakeholders’ engagement with the Oil Producers Trade Section (OPTS) and the Independent Petroleum Producers Group (IPPG) in Abuja on Thursday.
OPTS is the umbrella body of major international and indigenous operating oil companies, while IPPG is an association of indigenous exploration and production (E&P) companies.
The NUPRC had said the country loses more than 115,000 barrels per day to oil theft and vandalism.
On Tuesday, the commission announced it had set up a panel to audit activities of operators in the upstream sector to ascertain the actual volume of oil lost to theft.
On the trend in oil theft, the NUPRC said: “Total value loss for the period January 2021 to February 2022 is about $3.27 billion”.
“Average monthly value loss for the period is about $233.99 million. Average daily value loss for the period is about $7.72 million.
“Losses are mainly from Bonny Terminal Network, Forcados Terminal Network (and) Brass Terminal Network.”
The commission delineated factors that aided crude oil theft to include inadequate security, poor community engagement, economic challenges, poor surveillance, stakeholder compromises, and exposed facilities.