"Nigeria has lost $46bn worth of crude oil to theft"

" Nigeria has lost $46bn worth of crude oil to theft \r\n\r\nIn the decade to 2020, Nigeria lost to oil theft more than 619.7 million barrels of crude oil valued at $46.16 billion, representatives for the Nigeria Extractive Industries Transparency Initiative (NEITI)\u00a0 said \u00a0at a forum this week.\r\n\r\nDuring the period 2009 to 2020, Nigeria\u2019s losses to oil theft averaged 140,000 barrels per day (bpd) valued at $10.7 million daily, the organization said, as quoted by local outlet Leadership.\r\n\r\nNEITI has compiled reports to establish how much oil, gas, and mining companies paid to the country and how much of those revenues were actually received by the government.\r\n\r\nMore recently, Nigeria plans to hold an international roadshow\u00a0 to attract investments \u00a0in its upstream sector, the petroleum regulator of OPEC\u2019s biggest African oil producer said in a speech shared with\u00a0 Reuters \u00a0this week.\r\n\r\nThe Nigerian Upstream Petroleum Regulatory Commission (NUPRC) plans to organize in the coming weeks an international roadshow to pitch upstream investments in the country, which looks to boost its oil production and significantly raise its natural gas output.\r\n\r\n\u201cWhereas the global imperatives for energy transition is clear and justified, the need for Africa\u2019s energy security, economic development and prosperity cannot be overemphasised,\u201d the Nigerian regulator said.\r\n\r\nNigeria aims to significantly increase its oil production\u00a0 to up to 1.7 million bpd \u00a0by November 2023, hoping to win a higher quota in the OPEC+ agreement, Gabriel Tanimu Aduda, Permanent Secretary at Nigeria\u2019s Ministry of Petroleum Resources, told Energy Intelligence last month\r\n\r\nNigeria has consistently failed to produce to its quota in the OPEC+ agreement. The combination of pipeline vandalism and oil theft with a lack of investment in capacity has made Nigeria the biggest laggard in crude oil production in the OPEC+ alliance. Oil theft and pipeline vandalism have long plagued Nigeria\u2019s upstream oil and gas industry, driving majors out of the country and often resulting in force majeure at the key crude oil export terminals."

"Nigeria has lost $46bn worth of crude oil to theft"

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