Continental Focus, International Reach

Nigeria to Track Crude to Final Destination

Tuesday, January 17, 2017

Emmanuel Kachikwu, Nigeria’s Minister of State for Petroleum, will initiate plans to track the country’s crude production from start to finish. According to a This Day report, the Minister wants to track the volume of crude produced from the fields to its final sales destination.

Kachikwu believes this will aid Nigeria in reducing the rate of oil theft and revenue loss the country currently experiences.

“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,” he said.

Kachikwu also revealed plans to initiate changes to the country’s practice of holding crude oil lifting contracts and switch to long-term agreements with partners.

 


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