Crude oil worth $2.77bn was stolen in Nigeria in 2019, the Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed.
Gatekeepers News reports that George Abiye, Assistant Director, Oil and Gas, NEITI, presented the report on Oil and Gas to the Media and Civil Society Organisations on Tuesday in Lagos, Southwest Nigeria.
The report covered 98 entities, including 88 oil and gas companies, nine government agencies and the Nigerian Liquefied Natural Gas (NLNG) Company.
It said the country could have earned more revenue if not for crude oil losses due to metering error, theft and sabotage in the year under review.
The report, however, noted that the loss was 11.03 (21 per cent) lower than that recorded in 2018, which was 53.28 million barrels.
According to the report, the losses were incurred by companies that conveyed crude volumes through pipelines that were easily compromised by saboteurs.
The report, therefore, recommended that the Nigerian National Petroleum Corporation (NNPC) should ensure proper surveillance (land-based, and aerial satellite photography and geophones trenched pipelines).
Gatekeepers News reports that it urged the NNPC to update its pipeline networks to minimize vandalism and crude oil theft.
The report also advised the Federal Government to ensure the success of oil and gas industrial parks in the Niger Delta.
“This will ensure the development of oil and gas infrastructure in the oil-producing states.
“It will create employment for the populace in the Niger Delta,” the report added.
