Nigeria Lost 619.7million Barrels Of Crude Oil In 12years – NEITI.

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Nigeria lost 619.7 million barrels of crude oil valued at $46.16bn or N16.25tn in 12 years, from 2009 to 2020, the Nigeria Extractive Industries Transparency Initiative, has said.

It disclosed this in a statement issued by its Head, Communications and Advocacy, Obiageli Onuorah, on Thursday night.

It also welcomed the decision of the Federal Government to set up a Special Investigative Panel on Oil Theft and Losses in Nigeria, describing it as bold, courageous and timely, given the havoc the menace had wrecked in oil production and the country’s revenue generation.

Nigeria’s crude oil losses, according to NEITI, were basically from theft and sabotage, according to information and data provided by an average of eight companies covered by NEITI’s process over the years.

A breakdown of the losses showed that in 2009 when NEITI commenced reporting of crude oil theft, Nigeria lost 69.49 million barrels valued at $4.31bn.

The figures for 2010, 2011 and 2012 revealed that 28.31 million, 38.61 million and 51.58 million barrels which were valued at $2.29bn, $4.39bn and $5.82bn were lost respectively.

The NEITI oil and gas industry reports for 2013 to 2020 also showed that the losses to crude oil theft did not abate as 78.30 million barrels valued at $8.55bn was lost in 2013 alone.

2014 and 2015 witnessed combined losses of 67.29 million barrels valued at $5.57bn.

According to the NEITI reports, 2016 recorded the highest losses of 101.05 million barrels that was valued at $4.42bn.

Between 2017 and 2020, the NEITI reports indicated losses of 36.46 million barrel ($1.99bn) in 2017; 53.281 million barrels ($3.837bn) in 2018; 42.248 million barrels ($2.772bn) in 2019; and 53.056 million barrels ($2.21n) in 2020.

The combined value of these losses was 619.7 million barrels amounting to $46.16bn over a 12-year period.

NEITI lamented that it was regrettable that at a time Nigeria’s economy was largely dependent on oil revenues, some Nigerians would choose to collude with foreign nationals to steal and sabotage the main sources of revenue for the federation.

The agency particularly expressed delight over the new collaboration between the Offices of the Secretary to the Government of the Federation and that of the National Security Adviser in coordinating the investigations and its wisdom to appoint NEITI in this Special Panel.

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