(Ecofin Agency) - The Nigerian Minister of State for Petroleum Resources, Emmanuel Kachikwu (photo), has announced plans by the country to start tracking the volume of crude oil production from fields and loading bays to their respective sales destinations. This, according to him, is aimed at reducing the rate of oil theft and loss of revenue in the country, This Day reports.

“We will begin for the first time to track oil production from production to destination, there are too many slippages and leakages and stories about produced oil in Nigeria. This year, we are going to commit to try tracking our oil so that from the moment one molecule is produced to the time it is sold and where it is sold, we will be able to track that and if we do that, we envisage billions of dollars in savings for the federal government,” he said.

Kachikwu also revealed plans to initiate processes to gradually change the country’s practice of holding crude oil lifting contracts, to search for partners and to sign long-term agreement with.

Anita Fatunji