Abuja - The Nigerian Academy of Science pledged to come up with a scientific mechanism to measure the country's oil production.
Through the initiative, the academy aims to ensure crude oil extracted is adequately measured and check the continued loss of revenue from oil theft.
“A situation where Nigeria continues to rely on figures by companies who are in business for information to determine quantity of crude produced is inappropriate and unacceptable,” The President of the Academy, Professor Oyewale Tomori, said in Abuja after a meeting with Executive Secretary of Nigeria Extractive Industries Transparency Initiative (NEITI), Zainab Ahmed.
Ahmed welcomed the academy's intervention.
"NEITI’s position has always remained that except and until adequate metering technology is introduced to measure accurately the quantity of crude that Nigeria produces, the nation will continue to lose huge revenues through manipulations, to companies operating in the industry,"
Nigeria, which produces an estimated 2,5 million barrels of crude oil per day, is Africa's biggest producer of the product.
More than US$1,6 billion is lost to oil theft annually.
- CAJ News