The Senate Ad Hoc Committee probing oil theft in Niger Delta has uncovered the loss of over $300 billion in revenue since 2015.

Apart from oil theft, leakages and systemic corruption contributed to the loss. According to the 23- man committee headed by Senator Ned Nwoko, poor measurement standards and weak enforcement in the oil and gas sector also resulted in unaccounted crude oil sales.

Presenting the interim report to the Committee of the Whole, Nwoko said the 40-page report recommended the strict enforcement of internationally recognized crude oil measurement standards at all production sites and export terminals.

He said the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) should be mandated to acquire modern measuring technology, or the responsibility should be restored to the weights and measures department under the Ministry of Industry, Trade and Investment.

The report urged the Federal Government to equip law enforcement agencies with modern surveillance technology, “including unmanned aerial vehicles (UAVs) to combat oil theft as well as to establish a Maritime Trust Fund to enhance maritime infrastructure and safety”.

Other recommendations are the establishment of special courts to prosecute crude oil thieves, full implementation of the Host Communities Development Trust Fund under the Petroleum Industry Act (PIA). The committee recommended the handover of abandoned wells to the NUPRC “for proper management and utilisation”.

It also recommended that this should be followed by empowering the Weights and Measures Departments to acquire and use state-ofthe-art measuring equipment at all production sites and export terminals. According to the report, this will promote and strengthen accurate measurement, transparency and accountability in the oil and gas industry.