Nigeria lost 1.08 million barrels of crude oil in 2014 - NEITI

Nigeria lost 1.08 million barrels of crude oil in 2014 - NEITI

- 109 oil and gas industries were active in 2014

- NNPC lifted 350m barrels of crude oil for export

- 1.08 million barrels of crude oil was lost

Nigeria Extractive Industries Transparency Initiative(NEITI)'s audit of oil and gas industry in Nigeria shows that 1.08 million barrels of crude oil was lost in the year 2014.

Extractive activities of 109 oil and gas companies, including 16 government agencies, were audited in 2014.

Out of the 109 active license that year, there are 59 Joint Adventure (JV) licenses, 26 Sole Risk and Marginal Field Operating (SRMF) licenses, and 1 Service contract.

The oil and gas companies recorded 5 million or above in financial flow pf extractive activities to beneficiaries.

Below are infographics showing the outcome of the NEITI's audit:

A total of 109 licenses were active in 2014 Photo credit: BudgIT

A total of 109 licenses were active in 2014 Photo credit: BudgIT

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350 million barrels of crude oil was lifted by NNPC for export on behalf of the federation Photo credit: BudgIT

350 million barrels of crude oil was lifted by NNPC for export on behalf of the federation Photo credit: BudgIT

1.08 million barrels of crude oil were lost that year. Photo credit: BudgIT

1.08 million barrels of crude oil were lost that year. Photo credit: BudgIT

Joint Venture Contract had the highest volume of production that year Photo credit: BudgIT

Joint Venture Contract had the highest volume of production that year Photo credit: BudgIT

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Production decreased from 800m barrels in 2014 to 795m barrels in 2014. Photo credit: BudgIT

Production decreased from 800m barrels in 2014 to 795m barrels in 2014. Photo credit: BudgIT

Crude lifted decreased by 0.5% from 2013 to 2014. Photo credit: BudgIT

Crude lifted decreased by 0.5% from 2013 to 2014. Photo credit: BudgIT

Meanwhile, the executive secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Waziri Adio, has disclosed that between 2005 and 2015, Nigeria spent more than what it saved from crude oil revenue.

Legit.ng gathers that Adio made his comments during an interview with Arise TV on Thursday, July 20.

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Source: Legit

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