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Four oil vessels, suspected to be laden with proceeds of stolen crude oil, were intercepted between October 2022 and August 2023 by the Nigeria Navy, the Tantitta Security Services Limited, and personnel of the Joint Task Force of Operation Delta Safe.
In 2022, the cases of oil spillage by reported causes totalled 572, out of which 480 were as a result of oil theft and sabotage and 92 by operational issues.
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The oil and gas sector took a lot of loans that they could not pay back, thereby raising banks’ exposure to non-performing loans (NPLs), a Dataphyte review of financial statements of banks has shown.
...the price per barrel of crude oil dropped from N50,036 in July 2022 to N38,606 in January 2023, representing a 22.84 percent decrease.
The explosion left dozens, including those that were at the tapping point, dead. The victims were burnt beyond recognition, with many vehicles and tricycles destroyed. The tapping point was on the Trans Niger Delta Pipeline (TNP) that passes through the community.
For weeks (in some places for months), there has been a scarcity of petrol across the country. The scarcity has heralded long queues at filling stations, and many stations are selling at prices that are way higher than the official pump price per litre. In many parts of the country, petrol is sold for as high as N250 per litre as opposed to the official rate of N165.
Through the carefully crafted narrative, the variegated chart, and our varied art forms, we desire that, together, we can make sense of mined facts for informed perspectives and measured decisions throughout the year 2023.
In 2019, the volume of crude oil lost was 55.21 million barrels, a 14.89% decrease from the previous year’s 64.86 barrels. According to NEITI, the average price of crude oil per barrel was $65.61 then.
According to the recently published Nigeria Extractive Industries Transparency Initiative (NEITI) report, the total revenue generated from Nigeria’s oil and gas operations in 2020 was $20.43 billion.
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A Dataphyte review of the Nigeria Extractive Industries Transparency Initiative, (NEITI) Oil and Gas industry report has revealed that over 270 million of Nigeria’s commercial crude oil production was lost to theft and sabotage between 2016 and 2020.
Total crude oil production in Nigeria dropped from 735.24 million barrels in 2019 to 646.79 million barrels in 2020.This amounts to a 12.03% drop in output in 2020.
The lack of functional refineries has meant continuous importation of refined petroleum for Nigeria. For instance, Nigeria spent 37.9 billion dollars to import refined petrol between 2015 and 2019.
Fuel scarcity took a much worse turn at the beginning of February and one month in, the fuel queues have remained long.
As of the time of this report, the world’s Crude Oil is soaring above $100.
The Godwin family, residing in Abuja, is currently facing one of the worst effects of contaminated fuel recently sold in some filling stations in the federal capital territory. Three out of their four cars are currently damaged due to the effect of the coffee-brown coloured fuel they bought for their cars from different filling stations in Abuja recently.
