As you may know, Nigeria does not know exactly how much crude oil it produces.

But the Nigerian government has announced on Monday that plans are in top gear to deploy technology that would track and account for every molecule of crude oil produced in Nigeria by 2019.

The Minister of State for Petroleum Resources, Ibe Kachikwu said the government is working out measures that would ensure that it monitors every molecule of crude oil and refined products.

“We are putting together an IT platform that will enable us to do this; we are working with the Department of Petroleum Resources, DPR and hopefully by 2019, the issue of whether we could not account for our crude will no longer occur.

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“We are planning our marginal fields’ rounds and we are planning our inland basins rounds. It is going to be a transparent process to bring people to get us more oil. The rules are going to be out soon once they are approved by the President.”

Kachikwu also stated that investment requests by multinational oil firms seeking to invest in the country’s oil and gas sector are currently more than $15 billion.

He added that new fiscal policies in the oil sector would expand government’s income by $9 billion in the long term.

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