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Nigeria Targets $4 Billion Oil Theft

  • Government sets target to reach 3 million b/d of output
  • Production declined from 2020 as oil majors sell assets
Criminals illegally tap pipelines crisscrossing the Niger Delta region.

Criminals illegally tap pipelines crisscrossing the Niger Delta region.

Source: Google Maps

Africa’s biggest crude producer is preparing a crackdown on oil theft as part of an ambitious recovery plan to boost output that’s fallen by more than a quarter in two years.

Nigeria loses as much as 150,000 barrels of oil a day to criminals who illegally tap pipelines crisscrossing the Niger Delta region, Nigerian Upstream Petroleum Regulatory Commission Chief Executive Officer Gbenga Komolafe said in an interview. At current prices, the missing barrels are worth about $4 billion a year.