Nigeria lost 362.28 million barrels of crude oil between
2014 and 2023 due to sabotage, measurement errors, and production adjustments,
according to a report from the Nigeria Extractive Industries Transparency
Initiative (NEITI). This amounts to an average daily loss of about 992,547
barrels over the ten-year period.
The findings were detailed in NEITI's latest report
titled Oil & Gas
Industry Audit 2023, which provides an independent assessment of
physical, financial, and operational activities within Nigeria’s oil and gas
sector. The report highlights significant production deferments, with a total
of 110.66 million barrels affected during the review period.
Production deferments, as defined by NEITI, occur when
oil output is disrupted by factors such as pipeline leaks, equipment failures,
and both scheduled and unscheduled maintenance.
The report also pointed to the use of outdated and
corroded pipelines as a major factor contributing to Nigeria’s inability to
fully harness its oil potential, further exacerbating the loss of crude.
A detailed breakdown revealed an alarming increase in
losses over the years. In 2014, the country recorded a loss of 1 million barrels,
which surged by over 2,600% to 27.12 million barrels in 2015. The highest crude
loss occurred in 2016, with 101.6 million barrels stolen or sabotaged, equating
to a daily loss of 278,356 barrels. In that year alone, Nigeria missed out on
potential revenue of $4.6 billion, with crude oil prices averaging $46.07 per
barrel.
Losses in subsequent years were also significant, with
36.46 million barrels lost in 2017, 53.28 million barrels in 2018, and 42.25
million barrels in 2019, resulting in billions of dollars in lost revenue due
to theft and sabotage.
Despite being one of the world's largest oil producers,
Nigeria continues to face challenges in securing its crude oil infrastructure
and maximizing its oil revenue.
No comments:
Post a Comment