nigeria losing 7pct of crude oil to theft
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Nigeria losing 7pct of crude oil to theft

Arab Today, arab today

Arab Today, arab today Nigeria losing 7pct of crude oil to theft

Abuja - Arabstoday

Oil companies in Nigeria are battling against rising theft costing an estimated 150,000 barrels of crude a day, a top oil official said Tuesday. The loss amounts to roughly 7 per cent of Nigeria's total output. Ian Craig, Africa's vice president for Anglo-Dutch giant Shell Exploration and Production, said that while militant attacks on oil installations in the southern Niger Delta region had slowed, oil theft has surged. "The greatest challenge ... is the massive organised oil theft business and the criminality and corruption which it fosters," Craig told an annual oil conference of industry players and government officials. The stolen oil fuels a lucrative black market in Nigeria, Africa's top oil exporter, as well as in neighbouring countries. "The volume of oil which is stolen is difficult to estimate but is probably in the region of 150,000" barrels per day, Craig said. Bunkering, as oil theft is commonly referred to in Nigeria, involves siphoning crude from pipelines into makeshift vessels. At their peak, attacks on oil installations by militants claiming to be fighting for a share of the oil wealth for locals slashed Nigeria's production by about a million barrels a day. A 2009 government amnesty for the militants largely ended the violence and saw output rebound to levels not seen in years. "We have been able to bring production back, but it is still below pre-militancy levels," Craig said. Oil Minister Diezani Alison-Madueke was upbeat, saying production levels of oil and its condensates could rise to 2.68 million barrels in coming weeks. "The oil and gas sector has witnessed a renewed wave of activities ... which has placed the industry on a path of growth," he said. Production stood at 2.18 million barrels per day in January, according to the International Energy Agency. The oil and gas industry accounts for around two-thirds of government revenue and more than 90 per cent of export earnings in Nigeria. Craig said Nigeria has the potential to become a major global energy supplier in the face of rising energy demands, "but it needs action now" to achieve the goal. New investment in the sector has been hindered because a state oil firm – which operates joint ventures with the major oil giants – is under-funded, while a vital oil industry regulatory law has yet to be enacted. The petroleum industry bill, expected to turn around the fortunes of the country's five-decades-old industry, has awaited approval by the country's parliament since 2009. Efforts to clean up the corruption-ridden sector saw the government of President Goodluck Jonathan scrap subsidies on locally consumed fuel in January. The move more than doubled pump prices in a country where nearly two-thirds of the population of 160 million survive on less than a dollar a day. Nationwide strikes and protests forced the government to partially abolish the subsidies. From Al-ahram

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

nigeria losing 7pct of crude oil to theft nigeria losing 7pct of crude oil to theft

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

nigeria losing 7pct of crude oil to theft nigeria losing 7pct of crude oil to theft

 



GMT 13:29 2017 Wednesday ,18 October

Beards inspire new show by art duo Gilbert & George

GMT 13:56 2011 Wednesday ,28 September

The wise leadership dispatch cables of condolences

GMT 11:11 2017 Thursday ,26 January

Aoun meets Mogherini

GMT 16:21 2017 Wednesday ,26 April

Riyadh donates additional $150m to help Yemenis

GMT 12:29 2018 Tuesday ,11 September

US new provocations to undermine Russia’s in Syria

GMT 03:27 2015 Monday ,17 August

Missing link found between brain, immune system

GMT 11:36 2017 Wednesday ,13 December

New York Philharmonic quickly raises needed cash

GMT 10:17 2016 Monday ,10 October

Kosovo 'boils' over drawing border

GMT 16:48 2017 Saturday ,09 December

Al Zaydi underlines Huthi role in prices
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday