Nigerian Upstream Regulatory Commission (NUPRC) has blamed measurement inaccuracies as being responsible for around 40% of crude losses in the Nigerian petroleum industry, rather than theft as is commonly reported.
Gbenga Komolafe, the Chief Executive of NUPRC disclosed this during his address at the Petroleum Club Quarterly Dinner in Lagos over the weekend.
He therefore revealed that the Commission had conducted a forensic audit between January 2020 and November 2022 to determine the accurate volume of crude oil stolen during that period.
