The Nigeria Upstream and Downstream Petroleum Regulatory Commission’s monthly reports show that Nigeria lost a huge amount of revenue as a result of massive oil theft between January and August this year.
Nigeria lost about 13.21 million barrels of crude oil with an estimated worth of N603.64bn between January and August this year, an analysis of the monthly reports of the country’s crude oil and condensate production showed.
Figures contained in the reports, obtained from the Nigeria Upstream and Downstream Petroleum Regulatory Commission in Abuja on Sunday, indicated that the country’s oil production only increased in two months, but crashed in others.
Total crude oil production (without condensates) in January, for instance, was 43.35 million barrels, but this dropped to 35.22 million barrels in February, indicating a loss of 8.13 million barrels.
