According to the Federal Government, measurement errors—not theft—are to blame for about 40% of the quantities of crude oil losses in Nigeria’s petroleum sector.
It was said that the Nigerian Upstream Regulatory Commission’s forensic analysis of petroleum theft statistics from January 2020 to November 2022 was the source of the disclosure.
The Chief Executive, NUPRC, Gbenga Komolafe, said that the commission was dedicated to addressing the issue of metering mistakes and that the audit was to accurately determine the volume of crude oil that had been stolen during the reference period.
“It’s true that the threat of crude oil theft is a significant source of value erosion in the sector.
Our statistics show that the threat of oil theft has had a detrimental effect on the oil and gas sector for about two decades with attendant huge financial losses to our nation,” Komolafe stated.