The Nigeria Extractive Industries Transparency Initiative has said in its latest audit report that Nigeria lost 42.25 million barrels of crude oil valued at 2.77 billion dollars to oil theft in 2019.
The report on Oil and Gas was presented to the Media and Civil Society Organisations by Mr George Abiye, Assistant Director, Oil and Gas, NEITI in Lagos.
According to the report, Nigeria earned 34.22 billion dollars from the oil and gas sector in 2019.
This is a 4.88 percent increase over the 32.63 billion dollars realised in 2018.
The 2019 report covered 98 entities, including 88 oil and gas companies, nine government agencies and the Nigerian Liquefied Natural Gas (NLNG) Company.
The report, however, noted that the loss was 11.03 (21 per cent) lower than that recorded in 2018, which was 53.28 million barrels.
According to the report, the losses were incurred by companies that conveyed crude volumes through pipelines that were easily compromised by saboteurs.
The report, therefore, recommended that the Nigerian National Petroleum Corporation (NNPC) should ensure proper surveillance (land-based, and aerial satellite photography and geophones-trenched pipelines).
It urged the NNPC to update its pipeline networks to minimise vandalism and crude oil theft.
The report also advised the Federal Government to ensure the success of oil and gas industrial parks in the Niger Delta.
“This will ensure the development of oil and gas infrastructure in the oil producing states. It will create employment for the populace in the Niger Delta,” the report added.