Crude oil losses dropped 90% in four years, NUPRC insists

By Obas Esiedesa, Abuja

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has dismissed reports claiming Nigeria lost N8.41 trillion to oil theft, describing them as misleading and based on misinterpretation of official data.

In a statement signed by its Head of Media and Strategic Communications, Eniola Akinkuotu, the Commission said the figures misrepresented crude oil loss statistics published between 2021 and July 2025 as part of its transparency drive under the Petroleum Industry Act (PIA) 2021.

NUPRC recalled that on September 11, 2025, it reported that daily crude oil losses had dropped to 9,600 barrels per day—the lowest level since 2009. This, it noted, was corroborated by the National Bureau of Statistics (NBS), which attributed Nigeria’s 4.23 percent GDP growth in its latest report largely to higher crude output.

The regulator stressed that crude oil theft has declined by more than 90 percent in four years, falling from 102,900 barrels per day in 2021 to 9,600 barrels per day in 2025. It credited the improvement to joint efforts with the Office of the National Security Adviser, security agencies, oil operators, and other stakeholders through both kinetic and non-kinetic interventions.

It also faulted the methodology behind the inflated estimates, pointing out that the exchange rate of N1,500/$1 was wrongly applied retroactively to 2021–2025 figures, exaggerating the losses. The Commission explained that during most of the period in question, the naira traded below N430/$1 and averaged less than N600/$1 up to mid-2023.

“The methodology adopted is significantly flawed because it lacks an in-depth understanding of operations, crude oil price trends, and exchange rate mechanisms,” the Commission stated.

NUPRC further noted that ongoing reforms have positioned Nigeria to consistently meet its OPEC production quota, driven by initiatives such as Project 1 Million Barrels, metering audits, restoration of shut-in strings, increased rig counts, and alternative evacuation systems.

The agency added that Nigeria now has the technical capacity to produce over two million barrels per day and is working with operators, service providers, rig owners, off-takers, and financiers to unlock that potential.

The post Crude oil losses dropped 90% in four years, NUPRC insists appeared first on Vanguard News.