Nigeria to Begin Tracking of Oil Production, Sales Destination

Nigeria will from this year begin to track the volume of its crude oil production from fields of production and loading bays, to sales destinations in a renewed effort to cut down on prevalent oil theft and loss of revenue, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said.

Speaking in a podcast he released tuesday in Abuja where he made projections of his work this year, Kachikwu also said he would initiate processes to gradually move the country away from holding annual crude oil lifting contracts to looking for partners that it could sign long-term lifting agreements with.

The minister explained that the country has lost huge revenues from oil production slippages and thefts, and would in this regard finally move to stop these practices.
“We will begin for the first time to track oil production from production to destination, there are too many slippages and leakages and stories about produced oil in Nigeria. This year, we are going to commit to try tracking our oil so that from the moment one molecule is produced to the time it is sold and where it is sold, we will be able to track that and if we do that, we envisage billions of dollars in savings for the federal government,” said Kachikwu.

Thisday, January 11, 2017

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