December 16, 2017

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220 MILLION BARRELS OF OIL UNACCOUNTED FOR IN 10 YEARS

220 MILLION BARRELS OF OIL UNACCOUNTED FOR IN 10 YEARS

By Olusola Bello

A total of 222,437,870 barrels of crude oil was unaccounted for by the Nigerian government in the period between 2004 and 2014, a report by the watchdog , Nigeria Extractive Industry Transparency Initiative (NEITI) has revealed.NEITI logo

 

At an average cost of $100 per barrel over the period, the country is estimated to have lost a total sum of $22 .04 billion, owing to her inability to account for the said volume of oil between 2004 and 2013.

 

This revelation is coming on the heels of the rejection by Austin Avuru , managing   director of Seplat Petroleum Nigeria, of claims made by  multinational oil  companies on the volume of crude oil lost to theft.

 

Avuru said the  independent oil producers believe that the volume of  crude oil lost to theft daily,  could not be more than 20,000 barrels. He added that the big time operators in the country were taking Nigeria for a ride, hence the outrageous figures they put forward as stolen.

READ  Exxon Mobil ramps up production of Qua Iboe crude

 

Read more here.

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