Concerns Mount Over Unregulated Nigerian Crude Oil Exports, Apart From IOCs

Concerns Mount Over Unregulated Nigerian Crude Oil Exports, Apart From IOCs

Senior Advocate of Nigeria (SAN) Olisa Agbakoba praised the federal government’s initiative to install 186 meters at Nigeria’s flow stations, likening the historical absence of metering at these facilities to a fuel station dispensing petrol without a meter……. CONTINUE READING

In a statement released via his official channels on Tuesday, Agbakoba commended Minister of State for Petroleum, Heineken Lokpobiri, for the government’s decision to implement metering at Nigeria’s crude oil stations. He emphasized that this measure would provide accurate data on Nigeria’s daily crude oil exports, thereby safeguarding national interests.

Agbakoba raised critical questions about the oversight of crude oil exports, highlighting that beyond the International Oil Companies (IOCs), there has been insufficient tracking of Nigeria’s daily export volumes. He underscored the significance of metering at flow stations, asserting that it ensures transparency in transactions, akin to preventing petrol sales without proper measurement.

“The recent government announcement regarding the installation of 186 meters at our flow stations has piqued my interest and prompted inquiries,” Agbakoba remarked. “This move is pivotal in monitoring our crude oil production for export, challenging the prevailing dependency on IOCs for accurate export measurements.”

Expressing concern over the perceived control of Nigeria’s crude oil resources by international entities, Agbakoba urged decisive action to protect national interests and prevent exploitation. He applauded the Minister of Petroleum for shedding light on the issue and urged sustained efforts to curtail undue influence and ensure equitable management of the country’s resources.