Journalism in the service of society

No 80% oil theft in Nigeria – Gbenga Komolafe

THE Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has denied reports that 80 per cent of the country’s oil production is lost to oil theft.

Gbenga Komolafe, the Chief Executive Officer of the NUPRC, made this known in an interview on ARISE TV, monitored by our correspondent.

Komolafe, however, admitted that only 7.6 percent of crude oil is lost to theft.

According to him, Nigeria lost more than 115,000 barrels per day (bpd) to oil theft and vandalism between January 2021 and February 2022, which amounts to $3.27 billion worth of crude oil.

By implication, the country lost about 7.6 per cent of the current 1.5 million barrels of crude produced per day on average.

Therefore, if 80 per cent of Nigeria’s crude oil is stolen as claimed by some operators that means Nigeria produces about 300,000 bpd, whereas regulators put the daily output at 1.5 million.

The NUPRC recently expressed worry over the “crude loss figures recently being quoted in the media by some operators, given actions taken so far on the issue.”

The NUPRC had said it established a panel to audit the activities of operators in the upstream sector to ascertain the actual volume of oil lost to theft.

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Naija Times