Experts recommend metering to curb Nigeria’s oil, gas revenue loss

Experts have recommended that the federal government puts in place meters at flow stations among other things as solution to combating Nigeria’s revenue loss in the oil and gas sector. This was agreed at a one-day sensitisation workshop organised by Civil Society Legislative Advocacy Center, CISLAC, and Oxfam Nigeria in Lagos on Tuesday.

The hydrocarbon metering system is expected to provide the necessary data upon which Royalty and Petroleum Profit Tax, PPT are calculated.

Speaking at one of the technical sessions, Engr. Yabagi Sani- Chairman and Chief Executive Officer, NigerCo Ltd., said Nigeria has lost billions barrels of oil due to lack of metering.

Engr. Sani indicted the state oil company, NNPC and few government officials to being in the know of how to combat the challenges, however, saying ‘intentionally’, they have left core issues unattended to.

“Government officials, including the NNPC and DPR know how important metering is to the oil sector because they travel abroad and see how it is being done out there, yet, they have intentionally refused to do anything about it.

“Until today, NNPC and the DPR do not know the volume of oil at the depots, and it is a deliberate act by perpetrators of corruption in government. NNPC still uses manual measurement such as stick”, he added.

He also faulted yearly allocations to pre-shipment companies, which according to him, do not add value to operations in the sector.

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Source: Sweetcrudereports

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