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Nigeria Loses Three Million Oil Barrels Monthly
The Nigerian Upstream Petroleum Regulatory Commission has revealed its latest findings that about 1.2 million barrels of crude oil was consistently shut in by producers across various oil wells in the Niger Delta. This is due to the incessant oil theft in the industry, NUPRC said. It also stated that current statistics showed that the…
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Oil Sector Records 98% Spillage From Sabotage
In a report by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, oil theft through pipeline sabotage caused 98 percent of oil spill in Nigeria’s oil and gas sector since June this year till date. The government regulatory body said that the sector recorded 60 fatalities (deaths) and 62 injuries from 34 incidents between September…
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Nigeria Losses An Estimated N603.64 Billion Revenue In Months
According to monthly reports by Nigeria’s Upstream and Downstream Petroleum Regulatory Commission, Nigeria has lost huge amounts of revenue as a result of massive oil theft between January and August this year. Figures contained in the reports showed that 13.21 million barrels of crude oil with an estimated worth of N603.64bn between January and August…
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NNPC Partners Security Agencies to Control Smuggling
The Nigerian National Petroleum Corporation has said it was collaborating with relevant law enforcement agencies to curb the menace of petroleum products smuggling and crude oil theft. NNPC, noting that the partnership was also with relevant downstream and upstream stakeholders, named the law enforcement agencies to include the Economic and Financial Crimes Commission, Department of…
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Nigeria Lost N851bn To Oil Theft
The Nigerian Extractive Industry Transparency Initiative has said Nigeria lost N851.84 billion ($2.78bn) to oil theft and pipeline sabotage in 2019. NEITI said this in its latest oil and gas industry audit report stating that it arrived at the estimate after using an average price of $65.61 per barrel and an average exchange rate of…
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Oil Theft: Nigeria Losses 200,000 Barrels Of Oil Daily
The Nigerian National Petroleum Corporation disclosed that the country loses about 200,000 barrels of crude oil daily to thieves and vandals. The Group Managing Director NNPC , Mallam Mele Kyari made this disclosure during a meeting with the Chief of Defence Staff, Major General Lucky Irabor, commending the effort of security agencies for their support.…