{"id":167312,"date":"2022-03-25T13:56:37","date_gmt":"2022-03-25T12:56:37","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=167312"},"modified":"2022-03-25T13:56:37","modified_gmt":"2022-03-25T12:56:37","slug":"nigeria-lost-3-3bn-crude-oil-to-theft-in-14-months-says-nuprc","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/03\/25\/nigeria-lost-3-3bn-crude-oil-to-theft-in-14-months-says-nuprc\/","title":{"rendered":"Nigeria lost $3.3bn crude oil to theft in 14 months, says NUPRC"},"content":{"rendered":"<p>The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has stated that the country lost about $3.27 billion worth of crude oil to theft between January 2021 and February 2022.<\/p>\n<p>This was made known by the commission<span class=\"s2\">\u00a0during a presentation on crude oil theft at a stakeholders\u2019 engagement with the Oil Producers Trade Section (OPTS) and the Independent Petroleum Producers Group (IPPG) in Abuja on Thursday.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">OPTS is the umbrella body of major international and indigenous operating oil companies, while IPPG is an association of indigenous exploration and production (E&amp;P) companies.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">The NUPRC had stated that the<\/span><span class=\"s2\">\u00a0country loses more than 115,000 <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/02\/21\/nnpc-nigerias-marginal-fields-produced-46m-barrels-of-crude-in-one-year\/\">barrels<\/a> per day to oil theft and vandalism.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">On Tuesday, the commission announced it had<\/span><span class=\"s2\">\u00a0set up a panel to audit activities of operators in the upstream sector to ascertain the actual volume of oil lost to theft.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">On the trend in oil theft, the NUPRC said: \u201cTotal value loss for the period January 2021 to February 2022 is about $3.27 billion\u201d.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cAverage monthly value loss for the period is about $233.99 million. Average daily value loss for the period is about $7.72 million.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cLosses are mainly from Bonny Terminal Network, Forcados Terminal Network (and) Brass Terminal Network.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">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.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">It said spillages and leakages were caused by activities of saboteurs affecting the source of livelihood of the community members and leading to environmental degradation.\u00a0<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">It, however, noted that efforts are ongoing to mitigate crude oil theft and pipeline vandalism, as a work team comprising the regulator and operators was set up in August 2021.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cThe work team was set up to deliberate on workable solutions to mitigate crude oil losses,\u00a0 identify various responsible parties along the crude oil loss value chain and propose improvement areas for effective surveillance,\u201d the NUPRC said.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">On the impact of the illegal activities, the NUPRC said government revenue was adversely affected.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">Also, it said there had been a loss of value stemming from soaring costs owing to frequent repairs of damaged facilities.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">Gbenga Komolafe, chief executive officer, NUPRC, said: \u201cThe meeting was convened to get the opinion of stakeholders, especially the investors, which include the OPTS and IPPG. It is the concern of the government that we increase our oil production.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cBecause when the upstream is sick, it affects the well-being and health of the country. The situation is happening upstream and is a threat to the existence and wellbeing of the economy.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cSo we are very concerned about this, and we\u2019ve been doing a lot and will ensure that we do everything possible to increase oil production in a manner that will make the nation benefit from the upward movement in the international prices of crude.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">Recently, the federal government said<\/span><span class=\"s2\">\u00a0it had collaborated with security agencies,\u00a0 operators, and relevant stakeholders, to clamp down on the activities of oil thieves.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has stated that the country lost about $3.27 billion worth of crude oil to theft between January 2021 and February 2022. This was made known by the commission\u00a0during a presentation on crude oil theft at a stakeholders\u2019 engagement with the Oil Producers Trade Section (OPTS) and the Independent [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":167314,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[33548,303,33547,1314],"class_list":["post-167312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-3-3bn-crude-oil","tag-nigeria","tag-nuprc","tag-theft"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nigeria lost $3.3bn crude oil to theft in 14 months, says 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