The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disputed a report alleging oil theft worth N8.41 trillion. According to the NUPRC, the report is based on a misinterpretation of crude loss statistics between 2021 and July 2025, which were released in the spirit of transparency and in line with the Petroleum Industry Act, 2021.
The commission had previously reported that daily crude oil losses had dropped to 9,600 barrels per day, the lowest since 2009. This reduction is attributed to collaborative efforts between the NUPRC, the Office of the National Security Adviser, the military, operators, and other stakeholders. The latest figures from the National Bureau of Statistics (NBS) also show that Nigeria’s economy grew by 4.23 percent, largely due to increased oil output.
The NUPRC states that the report on alleged N8.4 trillion oil theft lacks proper context and is specious. Crude oil losses have been declining due to the collaborative efforts, resulting in a over 90 percent reduction in losses from 102,900 barrels per day in 2021 to the current 9,600 barrels per day. The commission also disputes the use of an exchange rate of N1,500/$1 in the report, which is inaccurate and used to sensationalize actual losses.
The NUPRC further criticizes the methodology adopted by the author of the report, stating that it lacks an in-depth understanding of operations, crude oil price trends, and exchange rate mechanisms. The commission notes that Nigeria has continued to meet its OPEC quota due to its initiatives and collaborative efforts with industry stakeholders to sustain and grow production.
The NUPRC’s initiatives, such as the project to produce one million barrels, implementation of metering audits, and restoration of shut-in strings, have contributed to the reduction in crude oil losses. The commission is working to fully unlock the country’s potential to produce above two million barrels daily, with an improved operating environment and social inclusion in operating areas.
The disputed report has raised questions about the accuracy of oil theft figures in Nigeria. The NUPRC’s clarification provides insight into the efforts being made to combat crude oil theft and the progress achieved so far. As the commission continues to work towards sustaining and growing production, the accuracy of such reports is crucial to understanding the challenges and successes in the oil and gas industry.
