Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Commodities

Nigeria lost $1 billion in revenue to crude oil theft in Q1 2022

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
July 2, 2022
in Commodities
crude oil theft
Share on FacebookShare on TwitterShare on Linkedin

Due to crude oil theft, Nigeria lost a staggering $1 billion in revenue in the first quarter of 2022, endangering the economy of Africa’s top producer.

This was disclosed by Gbenga Komolafe, the head of the Nigerian Upstream Petroleum Regulatory Commission in a statement seen by Reuters.

Nigeria loses millions of barrels of crude oil each year to theft and vandalism, including the theft of crude from a network of pipelines run by large oil companies. This illustrates how lax security results in significant financial losses for the nation.

RelatedPosts

We have not received notice of ExxonMobil deal cancellation – Seplat Energy

Crude theft: NLNG denies involvement in $1.2 billion illegal oil and gas exports

What they are saying

Only about 132 million barrels of the 141 million barrels of oil produced in the first quarter of 2022 were received at export terminals, according to Gbenga Komolafe, the chairman of NUPRC.

Komolafe said, “This indicates that over nine million barrels of oil have been lost to crude theft…this equates to a loss of government revenue of approximately $1 billion…in just one quarter,”

News continues after this ad


He added, “This trend poses an existential threat to the oil and gas sector and, by extension, to the Nigerian economy if left unchecked.”

Theft of crude oil grew from 103,000 barrels per day in 2021 to 108,000 barrels per day on average in the first quarter of 2022, according to Komolafe.

News continues after this ad


What you should know

  • Nairametrics reported that Inspector-General of Police, Usman Alkali Baba has ordered tactical and intelligence commanders of the Force to deploy assets towards tackling perpetrators of economic crimes aimed at sabotaging Nigeria’s revenue-generating value chains, including crude oil vandalism.
  • Nairametrics also reported earlier this year that Austin Avuru, founding MD/CEO of Seplat Energy and Executive Chairman AA Holdings warned that Nigeria’s oil production has reached an emergency critical status. He stated that some oil production wells don’t get to see 80% of production making it to the terminals due to oil theft.
  • The theft resulted in the Bonny Oil & Gas Terminal, a pipeline that transports crude from the oil-rich Niger Delta to export vessels among other places, declaring a state of force majeure, which made the atmosphere unfriendly and discouraging for investors.
  • Although Nigerian President Muhammadu Buhari has vowed to eliminate oil theft and has established special tribunals to address the issue, it still happens.
  • Nigeria’s oil minister, Timipre Sylva, predicted increased security in the industry this week, saying that by the end of August, Nigeria would be able to meet its OPEC output limit.

Related

Tags: Crude oil theftNigerian Upstream Petroleum Regulatory CommissionNUPRC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Growth of Private Conglomerates like BUA Group Evidence of the Correctness of our Policies, Says President Buhari
    • BUAFOODS’ ascension to SWOOTs not enough to stop NGX from shedding N190 billion
    • Buhari again urges ASUU to call off strike, says it’s counterproductive

    Follow us on social media:

    Recent News

    Growth of Private Conglomerates like BUA Group Evidence of the Correctness of our Policies, Says President Buhari

    Growth of Private Conglomerates like BUA Group Evidence of the Correctness of our Policies, Says President Buhari

    August 12, 2022
    BUA Cement Plc leads stocks worth over one trillion as market cap rises by N50.80 billion

    BUAFOODS’ ascension to SWOOTs not enough to stop NGX from shedding N190 billion

    August 12, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com