Close Menu
    Facebook X (Twitter) Instagram
    Trending
    • National Assembly Probes NNPCL Over $18bn Refineries Spending
    • What Will They Eat When They Finish The Money? – By Azu Ishiekwene
    • Ten Years Of Progressive Governance In Nigeria: From Reform To Renewal – By Rabiu Isyaku Rabiu
    • Iwobi Speaks On World Cup Qualification, Uncle Jay-Jay Okocha, Premier League Appearance Record
    • Galatasaray Plot All-Nigerian Strike Force With Move For Lookman After Osimhen Coup
    • Hamas Gets Guarantees Of End To Gaza War, Israel Approves Ceasefire
    • NY Attorney General Letitia James, A Trump Foe, Indicted For Fraud
    • Horror As South African Farm Worker Describes How Women Corpses Were Fed To Pigs To ‘Dispose Of Evidence’
    Facebook X (Twitter) Instagram
    NEWS POINT NIGERIANEWS POINT NIGERIA
    UBA 720X90
    • HOME
    • NEWS

      National Assembly Probes NNPCL Over $18bn Refineries Spending

      October 10, 2025

      NEWS POINT NIGERIA’s Report Confirmed As Tinubu, Council Of State Pick Amupitan As New INEC Chairman

      October 9, 2025

      FG Orders Institutions To Submit Reports Of Unused TETFund Allocations

      October 9, 2025

      Court Admits More Evidence In EFCC’s $4.5bn Case Against Emefiele

      October 9, 2025

      Tinubu Grants Presidential Pardon To Herbert Macaulay, Maj-Gen Vatsa, 173 Others

      October 9, 2025
    • COLUMN

      What Will They Eat When They Finish The Money? – By Azu Ishiekwene

      October 10, 2025

      I, Too, Must Get American In-Laws, The Efficacy Of Prayers And Other Matters (2) – By Dr Hassan Gimba

      October 6, 2025

      Saving Democracy: The Urgency Of Electoral Reforms – By Dr Dakuku Peterside

      October 6, 2025

      Nigeria’s 2025 Science Prize: When Integrity Matters – By Kazeem Akintunde

      October 6, 2025

      Message From Cry, The Beloved Country – By Martins Oloja

      October 6, 2025
    • EDUCATION

      FG Names Prof. Adamu Acting Vice-Chancellor To Steer UniAbuja For Three Months

      August 9, 2025

      13 Countries Offering Free Or Low-Cost PhD Programmes For Non-Citizens

      January 25, 2025

      NECO: Abia, Imo Top Performing States In Two Years, Katsina, Zamfara Come Last

      October 3, 2024

      NBTE Accredits 17 Programmes At Federal Polytechnic Kabo

      August 20, 2024

      15 Most Expensive Universities In Nigeria

      May 19, 2024
    • INTERNATIONAL

      Hamas Gets Guarantees Of End To Gaza War, Israel Approves Ceasefire

      October 10, 2025

      NY Attorney General Letitia James, A Trump Foe, Indicted For Fraud

      October 10, 2025

      WHO Details Harrowing Scenes Of Gaza Horrific Trauma Patients

      October 9, 2025

      Former FBI Chief, James Comey To Make First US Court Appearance On Trump’s Charges

      October 9, 2025

      Hamas Seeks ‘Guarantees’ That Israel Will End Gaza War As Talks Continue

      October 8, 2025
    • JUDICIARY

      FULL LIST: Judicial Council Recommends Appointment Of 11 Supreme Court Justices

      December 6, 2023

      Supreme Court: Judicial Council Screens 22 Nominees, Candidates Face DSS, Others

      November 29, 2023

      FULL LIST: Judicial Commission Nominates 22 Justices For Elevation To Supreme Court

      November 16, 2023

      Seven Key Issues Resolved By Seven Supreme Court Judges

      October 26, 2023

      FULL LIST: CJN To Swear In Falana’s Wife, 57 Others As SANs November 27

      October 12, 2023
    • POLITICS

      What Peter Obi May Lose If He Joins Coalition As VP Candidate

      May 25, 2025

      Atiku Moves To Unseat Wike’s Damagum As PDP Chairman, Backs Suswam As Replacement

      April 15, 2024

      Edo’s Senator Matthew Uroghide, Others Defect To APC

      April 13, 2024

      Finally, Wike Opens Up On Rift With Peter Odili

      April 2, 2024

      El-Rufa’i’s Debt Burden: APC Suspends Women Leader For Criticising Kaduna Gov

      March 31, 2024
    • SPORTS

      Iwobi Speaks On World Cup Qualification, Uncle Jay-Jay Okocha, Premier League Appearance Record

      October 10, 2025

      Galatasaray Plot All-Nigerian Strike Force With Move For Lookman After Osimhen Coup

      October 10, 2025

      Mikel Obi Reveals Winning Formula For Super Eagles’ World Cup Qualification

      October 9, 2025

      Ronaldo Becomes Football’s First Billionaire, Eyes 2026 World Cup

      October 9, 2025

      Osimhen, Lookman, 15 Others Arrive South Africa For Crucial World Cup Qualifier

      October 8, 2025
    • MORE
      • AFRICA
      • ANALYSIS
      • BUSINESS
      • ENTERTAINMENT
      • FEATURED
      • LENS SPEAK
      • INFO – TECH
      • INTERVIEW
      • NIGERIA DECIDES
      • OPINION
      • Personality Profile
      • Picture of the month
      • Science
      • Special Project
      • Videos
      • Weekend Sports
    NEWS POINT NIGERIANEWS POINT NIGERIA
    UBA 720X90
    Home - Nigeria Lost N2.3tn Revenue To Oil Theft In 12 Months – IOC

    Nigeria Lost N2.3tn Revenue To Oil Theft In 12 Months – IOC

    By Amina IbrahimApril 25, 2023
    128604729 capture.png 65

    NIGERIA has lost an opportunity to produce and sell about 65,700,000 barrels of oil in the last one year due to issues bothering on pipeline vandalism and the resultant oil theft.

    This translates to about N2.3tn loss in oil revenue if the prevailing exchange rate and average oil price are used.

    The Chairman of Shell Companies in Nigeria, Dr Osagie Okubor, said at the just concluded Nigerian International Energy Summit held in Abuja, said the 180, 000 barrels per day Trans Niger Pipeline had remained shut for more than one year- March 2022 to March 2023.

    UBA

    The loss from March last year to March this year brings total shut in/loss to about 65, 700, 000 barrels. Brent crude price averaged about $83 per barrel from March 2022 to March 2023, meaning the country could have lost as much as N2.3tr to the menace.

    The TNP, a Joint Venture operated by SPDC is a major pipeline capable of transporting about 180,000 barrels of crude per day to the Bonny export terminal.

    Independence Day

    Speaking at the NIES, Okunbor said the TNP remained shut for one year due to the massive crude oil theft on the pipeline.

    The pipeline, according to Shell, is part of the gas liquids evacuation infrastructure, critical for continued domestic power generation and liquefied gas exports.

    Happy Birthday

    He said, “What keeps me awake today as regards my onshore business in Shell is the fact that we cannot operate a pipeline, and that’s what is responsible for the 60 percent capacity. I think today that is almost just how much gas we can supply,” he said.

    “And this is because one of our key gas infrastructures — the TNP — was shut down for one year; we removed 460 illegal connections on that line. We just reopened that line. Today we are struggling to catch up with our first programme.”

    Nigerian TAX Reform - Federal Goverment

    Okunbor said the loss was often viewed as affecting Nigeria’s oil production quota to the Organisation of Petroleum Exporting Countries.

    He stressed that the situation was also having devastating implications on the supply of gas to the Nigeria Liquefied Natural Gas.

    “So, if you ask me what the number one issue has to be for the incoming administration, it has to be the security of oil and gas infrastructure. If you don’t fix it, then we have a huge problem on our hands,” Okunbor said.

    National Orientation Agency Page UP
    National Orientation Agency - Down

    Okunbor advised the incoming administration to prioritised the security of oil infrastructure.

    There were reports that the Federal Government was planning to reopen the pipeline last October.

    However, talks with the Bodo community in the Gokana Local Government Area of Rivers State appear to have collapsed.

    Okunbor however said Nigeria was not short of frameworks and written documents on how to tackle the various challenges in the oil sector.

    He noted that the decade of gas document, for example, included steps to deepen gas use, but implementation remained a challenge.

    On his part, Managing Director of Nigerian Liquefied Natural Gas Limited, Philip Mshelbila, pointed out that 40 per cent of globally renowned gas firms’ capacity had been lying fallow due to theft.

    He added that the lack of power to execute the recommendations and policies in the various documents and laws of the oil sector remained a challenge to the industry.

    Last year, the Nigerian National Petroleum Company said it detected an illegal connection on the Trans Escravos pipeline looped to the four-kilometre Afremo test line.

    3trn IOC N2 Oil Revenue Oil Theft
    Share. Facebook Twitter WhatsApp LinkedIn Telegram Email

    Related Posts

    National Assembly Probes NNPCL Over $18bn Refineries Spending

    October 10, 2025

    NEWS POINT NIGERIA’s Report Confirmed As Tinubu, Council Of State Pick Amupitan As New INEC Chairman

    October 9, 2025

    FG Orders Institutions To Submit Reports Of Unused TETFund Allocations

    October 9, 2025

    Court Admits More Evidence In EFCC’s $4.5bn Case Against Emefiele

    October 9, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    Latest Posts

    National Assembly Probes NNPCL Over $18bn Refineries Spending

    October 10, 2025

    What Will They Eat When They Finish The Money? – By Azu Ishiekwene

    October 10, 2025

    Ten Years Of Progressive Governance In Nigeria: From Reform To Renewal – By Rabiu Isyaku Rabiu

    October 10, 2025

    Iwobi Speaks On World Cup Qualification, Uncle Jay-Jay Okocha, Premier League Appearance Record

    October 10, 2025

    Galatasaray Plot All-Nigerian Strike Force With Move For Lookman After Osimhen Coup

    October 10, 2025
    Advertisement
    WIDGET ADS
    News Point NG
    © 2025 NEWS POINT NIGERIA Developed by ENGRMKS & CO.
    • Home
    • About us
    • Disclaimer
    • Our Advert Rates
    • Privacy Policy
    • Terms of Use

    Type above and press Enter to search. Press Esc to cancel.

    Join Us On WhatsApp