Nigeria: Crude Oil Thefts Led to $1 Billion Revenue Loss in Q1 2022

SEATTLE (Oil Monster): The latest report published by Nigeria’s oil regulator revealed that crude oil thefts have resulted in loss of over $1 billion in revenues to the country during the initial quarter of the current year. The acts of vandalism and thefts have witnessed dramatic rise in recent times, said the report.

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According to the report, oil thieves are found to fix underground pipes to abandoned oil wells, which are used to extract crude to cooking camps, from where they are illegally refined. Ideally, such abandoned well heads need to be sealed. The Niger Delta region alone hosts over 3,000 creeks, where thieves indulge in illegal refining. The refined products are being transported to various parts of the country, revealed an operation carried out with the support of Nigerian Navy.

Also, surveys confirmed that many cooking camps had huge dugout pits, to where the stolen crude oil flows directly through underground pipes. It also revealed presence of giant storage tanks and other infrastructure facilities used for illegal refining of crude oil.

The acts of oil thefts, illegal storage and refining of the same have resulted in significant environment pollution and health hazards in the region. Apart from polluting the air, it has also adversely impacted agriculture and aquatic life.