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Nigeria News: Nigeria does not know the volume of Oil it produces

Chairperson of the Nigeria Extractive Industries Transparency Initiative (NEITI), Professor Assisi Asobie, has revealed that the Nigeria does not know the exact volume of crude oil produced from its oil fields, giving room to oil thefts and other sharp practices.

 “Presently, we do know the volume of Oil produced at Oil flow stations , because they are not installed with metres”, said Professor Asobie in a live  programme on Radio Nigeria, earlier today.

The NEITI Chair said the best way any country can measure the volume of crude oil being produced by Oil exploration firms is by installing meters at both flow and terminal stations, saying that “right now, meters are only installed at terminal stations, so we do not know how much is produced at flow stations in Nigeria”.

NEITI has therefore requested Nigerian government to install meters at flow stations to redress this loop hole.

 When NEITI was set up, we invited International experts to assist us in identifying various acts of Oil thefts in order to know how much is being stolen and how to deal with the issue of measurement. Afterwards, we came up with the Metering Measurement Watching Group (MMWG), to come up with comprehensive measures to address the issue of oil theft.

I am aware that the body has already sent a recommendation to the Nigeria Government that meters should be installed at flow and terminal stations, so that we can exactly know the volume of crude oil being produced”

NEITI http://www.neiti.org.ng/ is a multi stakeholder oversight body that works to ensure due process and transparency in payments by Extractive Industry companies to Nigerian governments and government-linked entities.