A new report by the Nigeria Extractive Industries Transparency Initiative (NEITI) has indicated that Nigeria lost 362.28 million barrels of crude oil due to measurement errors, sabotage, and production adjustments between 2014 and 2023.
This implies that the country lost about 992,547 barrels of crude oil daily due to the above-mentioned issues in 10 years.
NEITI disclosed this in its latest report titled, ‘Oil & Gas Industry Audit 2023: An independent report assessing and reconciling physical, process and financial flows within Nigeria’s oil & gas industry’.
The agency also noted that the total crude oil production deferment during the review period was 110.66 million barrels.
The report on crude oil losses was compiled by reviewing multiple sources, including the Nigerian Upstream Petroleum Regulatory Commission submissions during the NEITI audit period and the signed-off reports from companies, such as Nigerian National Petroleum Company Limited.
