The Senate ad-hoc committee, constituted to investigate the oil lifting, theft, impact on Petroleum production and the nation’s oil revenues, has reported that Nigeria lost two billion dollars to oil theft from January to August, 2022 and that the theft occurs offshore.
The committee, headed by the chairman, Senate Committee on Petroleum, Upstream, Senator Akpan Bassey, therefore, recommended among other things, that online monitoring systems be deployed at flow stations and terminals to check movement of illegal vessels.
It also raised concerns about Nigeria National Petroleum Company, NNPC, not allowing agencies to perform their regulatory functions in clear disregard to the provisions of the Petroleum Industry Act.
This came as the incessant oil theft and pipeline vandalism were blamed for Nigeria’s crude oil production fall from two point one-three million barrels per day in January 2020 to one point three-eight million in July 2022.
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