{"id":22330,"date":"2021-04-16T14:52:01","date_gmt":"2021-04-16T13:52:01","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=22330"},"modified":"2021-04-16T14:52:01","modified_gmt":"2021-04-16T13:52:01","slug":"neiti-boss-we-dont-know-exact-quantity-of-crude-oil-nigeria-produces","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/04\/16\/neiti-boss-we-dont-know-exact-quantity-of-crude-oil-nigeria-produces\/","title":{"rendered":"NEITI Boss: We don’t know exact quantity of crude oil Nigeria produces"},"content":{"rendered":"

The Executive Secretary of the Nigeria Extractive Industries (NEITI), Ogbonnaya Orji has stated that the exact quantity of crude oil produced in the country is unknown.<\/p>\n

This was stated by the NEITI executive secretary during a\u00a0courtesy visit to Mansur Liman, director general of the Federal Radio Corporation of Nigeria (FRCN).<\/p>\n

According to Orji,\u00a0the lack of information has persisted due to the absence of meters at wellheads and the inability to monitor deep offshore fields.<\/p>\n

\u201cWe do not have the capacity to go deep shores to know how much we are producing. As we speak, it is very difficult for any Nigerian to ascertain how much actually we are producing,\u201d he said.<\/p>\n

\u201cThis is one of the challenges that NEITI is dealing with because if you do not know how much you are producing, how would you know how much you are expected to earn?<\/p>\n

\u201cThe companies that go deep shore that are involved in offshore exploration<\/a>, none of them are indigenous Nigerian companies and they cannot really protect the interest of the country as much as Nigerians can.<\/p>\n

\u201cBut we must concede to those companies, they are doing a great job here because without them there will be no oil industry.\u201d<\/p>\n

The NEITI boss said the agency has consistently recommended that meters be placed on oil wellheads to measure the volume of crude oil produced in the country, in all its oil and gas audit reports.<\/p>\n

According to him, efforts to reform the oil sector have not been successful because those who benefit from the outdated law governing the sector are hindering the passage of the petroleum industry bill (PIB).<\/p>\n

\u201cThe only law that governs the oil and gas industry in Nigeria currently is the Petroleum Act of 1958. If you use this law in computations of taxes and royalties based on a very old rate, Nigeria loses a lot of revenue,\u201d he said.<\/p>\n

He noted that the country\u2019s failure to update its laws in the sector means when prices go up, the country is unable to derive maximum benefit from the situation.<\/p>\n

On his part, Liman charged NEITI to continue to check the tax regime of companies operating in the country.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Executive Secretary of the Nigeria Extractive Industries (NEITI), Ogbonnaya Orji has stated that the exact quantity of crude oil produced in the country is unknown. This was stated by the NEITI executive secretary during a\u00a0courtesy visit to Mansur Liman, director general of the Federal Radio Corporation of Nigeria (FRCN). According to Orji,\u00a0the lack of […]<\/p>\n","protected":false},"author":17,"featured_media":22332,"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":[5766,5768,5767,5769],"class_list":["post-22330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-crude-oil","tag-federal-radio-corporation-of-nigeria-frcn","tag-nigeria-extractive-industries-neiti","tag-oil-industry"],"yoast_head":"\nNEITI Boss: We don't know exact quantity of crude oil Nigeria produces<\/title>\n<meta name=\"description\" content=\"The Executive Secretary of the Nigeria Extractive Industries (NEITI), Ogbonnaya Orji has stated that the exact quantity of crude oil produced in the country is unknown.\" \/>\n<meta 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