The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed plans to investigate the activities of operators in the upstream petroleum industry in the last two years.
It said the move is to ascertain the actual volume of crude oil stolen by vandals and saboteurs.
The Nigerian Extractive Industries Transparency Initiative (NEITI) had in its recently released oil and gas audit report put the total volume of Crude losses reported by twenty-two (22) Companies at 39,162,836bbls valued at about US$1.63billion.
This is based on the annual average selling price per barrel of Federation Equity crude oil reported in the audit.
Although a five-year crude oil loss trend…
Source: Nigerian Tribune