As of 2017, Nigeria will begin to track the volume of its crude oil production from fields of production and loading bays, to sales destinations in a renewed effort to cut down on prevalent oil theft and loss of revenue, All Africa informed.
Nigeria’s Minister of State for Petroleum, Emmanuel Kachikwu, stated the measure will help the country save billions of dollars for the federal government, Petroleum Africa reported.
Additionally, Kachikwu said he would initiate processes to gradually move the country away from holding annual crude oil lifting contracts to looking for partners that it could sign long-term lifting agreements with. He showed preference for a long-term crude oil lifting contract against the current short-term, and justified by explaining the need to create some level of contract certainty in marketing Nigeria’s crude oil grades.
On gas, Kachikwu said: “Gas revolution is key for us, first we will like to track gas flares and commercialize it so that no more flare will happen in this country. We have set our 2020 date for ourselves and want to make money from the flare.”