Senate uncovers $300b crude losses

The Senate yesterday raised concern over crude oil losses estimated at more than $300 billion the nation allegedly incurred through decades of theft, collusion, and poor oversight in the Niger Delta region.

This was contained in the interim report of its Ad Hoc Committee on Crude Oil Theft, chaired by Senator Ned Nwoko (APC, Delta North).

The report, titled: “Interim Report of the Ad Hoc Committee on the Incessant and Nefarious Acts of Crude Oil Theft in the Niger Delta and the Actors,” exposed alleged systemic failures and called for sweeping reforms across the oil and gas sector.

Nwoko said the committee discovered “systemic irregularities, poor measurement standards, and weak enforcement” across the petroleum value chain, factors that have made crude theft a multi-billion-dollar racket.

“Our assessment shows widespread lapses in monitoring, metering, and regulation.

“We have, therefore, recommended strict enforcement of international crude measurement standards at all production sites and export terminals,” he said.

His committee’s 40-page interim report, which outlines urgent recommendations, also urged the Federal Government to deploy modern surveillance technologies, including unmanned aerial vehicles (UAVs), to monitor pipelines and export routes.

Other key proposals in the report include:

“Establishment of a Maritime Trust Fund to strengthen maritime security and inter-agency intelligence sharing;