As part of efforts to Curb the menace of crude oil theft in the country, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has Inaugurated a monitoring audit and advanced Cargo declaration Project teams.
At the official Inauguration of the two project teams in Abuja, the NUPRC Chief Executive Commissioner, Gbenga Komolafe said these projects were geared towards strengthening the commission’s regulatory oversight in line with this administration’s vision and renewed Hope agenda.
Mr Komolafe noted that these technologically driven projects if fully implemented, would ensure that only certified production of Upstream crude oil is exported from Nigeria as well as ensuring accurate accountability of hydrocarbons for calculating crude oil revenue accruable to the Government.
The NUPRC Boss who lauded President Bola Tinubu and the Federal Executive Council for approving the projects charged members of the project to carry out their duties diligently which was expected to last four months.
Mr, Komolafe added that the project when completed would entrench transparency in the Upstream sector and combat the menace of illegal crude oil export which are in tandem with the commission’s Regulatory action plan and ease of doing business.
In November last year, the Federal Government said more than N4.3tn worth of crude oil was stolen in 7,143 pipeline vandalism cases within five years.
Similarly, the Speaker of the House of Representatives, Dr Tajudeen Abbas said Nigeria lost about N16.25 trillion to crude oil theft between 2009 and 2020.
