House of Representatives Adhoc Committee on Oil Theft, yesterday, alleged that 329,420,319 barrels valued at over $20 billion were not accounted for between 2005 and 2012.
Chairman of the committee, Mr. Peter Akpatason, who spoke during hearing on the matter, accused Department of Petroleum Resources (DPR) of not doing enough to render account of the alleged missing monies.
Akpatason said: “The effects of crude oil theft cannot be overemphasized, and this has lasted for too long. As patriots, it is our collective responsibility to see to the end of this stealing. The adhoc committee has identified the key role of DPR, as the agency of government in the sector, hence your re-invitation today to enable us work together and come up with a common front on ways to tackle this matter. If not completely put an end to it, we must reduce it to its barest minimum.
“DPR is the agency of government saddled with the responsibility of monitoring crude oil production and lifting. The committee requested and obtained schedules of crude oil produced and lifted between 2005 and 2019.
He said the same infraction occurred in the years 2016-2019.
“Forensic analysis of the data revealed a very wide margin between what was reported produced and what was lifted. Between 2005 and 2012, DPR reported production of 1,746,621,167 barrels from four sampled oil terminals of Egeravos, Bonny, Forcados and Bonga. Out of this production volume, only 1,417,200,848 barrels were accounted for as having been lifted officially. A whopping volume of 329,420,319 barrels, valued at over $20 billion, could not be accounted for. The same trend of infractions was observed in the years 2016-2019.”
“These issues range from unprocessed crude oil to suspected stolen/diverted crude oil, discrepancies in records, use of inappropriate devices and technologies for measurement and gauging despite huge budgetary provisions”.
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