Petroleum Africa
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Monday, September 8, 2014
Last year, Nigeria received first place in the world among countries hit by oil theft head of Mexico, Iraq, Russia, and Indonesia. Oilprice.com reported in 2013 that Nigeria lost an estimated 400,000 bpd, equivalent to a loss in revenue totaling around $20.4 billion a year.
However, Nigeria’s representative on the global board of the Extractive Industries Transparency Initiative (EITI) Faith Nwadishi said that IOCs also contribute to the oil theft figures. She said that the firms refuse to monitor facilities via meters to determine crude production to accurately determine what is actually being lost. “There’s no way the IOCs will say they can’t do something about crude theft; the fact that they don’t have meters at their facilities points a finger at them.” She added, “Our agencies can’t be exonerated; if we are pointing one finger at the IOCs, we should be pointing four at our own agencies. If the IOCs do what they are supposed to do and our agencies do what they are supposed to do, oil theft won’t be happening.”
International energy analyst Dan Kunle disagreed with Nwadishi’s view and said that the IOCs have done well to ensure the success of the Nigerian hydrocarbon sector. He said that the firms have made sure that wellheads are properly tended to, but the government agencies are actually responsible for metering the facilities.
With the blame game continuing in circles, oil theft will remain a major caveat to the West African country’s hydrocarbon sector.
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