OIL & GAS Nigeria hit hard by oil theft, Crude oil valued at $46.1 lost to theft.


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Nigeria has been hit hard by oil theft in the decade leading up to 2020. A staggering 619.7 million barrels of crude oil, valued at $46.16 billion, were lost due to this illegal activity, according to representatives of the Nigeria Extractive Industries Transparency Initiative (NEITI).

The average daily loss for the country comes in at 140,000 barrels per day (bpd), which amounts to a staggering $10.7 million daily. NEITI has been working to compile reports on how much oil, gas, and mining companies in the country have paid, and how much of those revenues actually make their way to the government. The numbers are sobering, and show just how prevalent oil theft has become in Nigeria.

Nigeria is making a move to attract more investments into its upstream sector, one of the top-performing sectors in the country. This is great news for the oil-rich African country, as it hopes to increase its oil production to about 1.7 million bpd by November 2023. To achieve this goal, Nigeria is planning to hold an international roadshow that will showcase its upstream potential to the world. While many countries are committed to energy transition, Nigeria understands that the need for Africa's energy security, economic development, and prosperity cannot be overemphasized.
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