26 July 2017, Sweetcrude, Lagos — The Nigerian Extractive Industry Transparency Initiative (NEITI), has said that Nigeria lost almost $16 billion to crude oil theft.
According to a document obtained by Sweetcrude Reports, close to $15.9 billion was lost to oil thieves from 2011 to 2014.
According to the document, in 2011, the country lost 38.6 million barrels to the tune of $4.4 billion oil theft.
In 2012, 23.8 million barrels which would have earned Nigeria $2.7 billion was lost.
A total of 23.8 million barrels was lost in 2013, totalling $4.7 billion, while in 2014, 40.2 million barrels, amounting to $15.9 billion, was lost to oil thieves.
Therefore, combined value of revenue lost to oil thieves between these periods was pegged at $15.9 billion.
Oil field operators have tried different means to solving oil theft in Nigeria.
Operators, such as Shell, are using surveillance helicopters, drones, and wellhead cages, all to no avail.
Aside oil militants in the Niger Delta, locals in the oil producing areas have been blamed for tampering with pipelines and stealing crude oil for local refining, cutting down Nigeria’s production.
Reported estimates have it that almost a third of the crude that flows through pipelines in the Delta, ends up in the hands of thieves.
In 2016, the army said it destroyed 181 illegal refineries and confiscated oil and diesel worth about US41.3 billion.