46 billion dollars: here is the value of oil stolen from Nigeria in 2020
In the decade to 2020, Nigeria lost more than 619.7 million barrels of crude oil worth $46.16 billion to oil theft, said representatives of the Nigeria Extractive Industries Transparency Initiative (NEITI). in a forum this week .
During the period 2009 to 2020, Nigeria's losses from oil theft averaged 140,000 barrels per day (bpd) worth $10.7 million a day, the organization said, as quoted by the 'Leadership local outlet.
NEITI compiled reports establishing how much oil, gas and mining companies paid the country and how much of that revenue was actually received by the government.
Most recently, Nigeria is planning to hold an international roadshow to attract investment in its primary manufacturing sector, the oil regulator of Africa's largest oil producer OPEC said in a speech shared with Reuters this week.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) plans to hold an international roadshow in the coming weeks to launch upstream investments in the country, which seeks to boost its oil production and significantly boost its natural gas output.
“While the global imperatives for the energy transition are clear and justified, Africa's need for energy security, economic development and prosperity cannot be underestimated,” said the Nigerian regulator.
Nigeria aims to significantly increase its oil production to 1.7 million bpd by November 2023, hoping to get a bigger share in the OPEC+ deal, Gabriel Tanimu Aduda told Energy Intelligence last month, Permanent Secretary at the Ministry of Petroleum Resources of Nigeria.
Nigeria has consistently failed to produce within its OPEC+ quota. The combination of pipeline vandalism and oil theft with a lack of investment in capacity has made Nigeria the biggest crude production laggard in the OPEC+ alliance. Oil theft and pipeline vandalism have long plagued Nigeria's upstream oil and gas industry, driving the majors out of the country and often resulting in force majeure at major crude oil export terminals.
Oil could become even more important when Nigeria is engaged with ECOWAS in the fight against the military governments of the area, primarily that of Niger. Nigeria is the major supplier of energy to Niger and has recently cut supplies.
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The article 46 billion dollars: here is the value of oil stolen from Nigeria in 2020 comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/46-miliardi-di-dollari-ecco-il-valore-del-petrolio-rubato-alla-nigeria-nel-2020/ on Sun, 20 Aug 2023 06:00:33 +0000.