Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Shell decries activities of oil thieves, says Nigeria losing $5bn

    Shell decries activities of oil thieves, says Nigeria losing $5bn

    June 28, 2012
    Share
    Facebook Twitter LinkedIn WhatsApp

    28 June 2012, Sweetcrude, ABUJA – THE Shell Petroleum Development Company of Nigeria (SPDC) has again raised alarm over the activities of oil thieves in Nigeria, saying the country was losing $5billion annually to oil theft.

    Speaking on Tuesday during a public hearing on the upsurge of illegal oil bunkering activities in Nigeria’s coastal region organised by the House of Representatives Joint Committee on Petroleum Resources (Upstream) and Navy. in Abuja, SPDC’s managing director, Mutiu Sumonu, said Nigeria is now losing approximately 150,000 barrels of oil to illegal oil bunkering daily.

    His company, he said, lost about 100 barrels daily between 2003 and 2004.

    His estimate may be very conservative going by another estimate of oil theft given by finance minister, Ngozi Okonjo-Iweala, who said monthly loss is in the region of $1.2 billion, which translates to $14 billion yearly.

    Okonjo in a report by Financial Times said daily loss to oil thieves is 400,000 barrels, about a quarter of Nigeria’s daily production.

    Sunmonu said the problem of oil theft can be tackled if there is a political will to fight it by all the stakeholders involved in the process. “Every tier of government must be involved in the fight against illegal oil bunkering,” he said.

    According to him, illegal oil bunkering has become a highly syndicated operation that involved oil company workers.

    Aminu Tambuwal, the Speaker of the House of Representatives assured that the National Assembly would support the committee in its bid to end illegal oil bunkering.

    The Speaker who noted that activities of oil thieves constituted threats to the nation’s security and environment said the National Assembly is ready to respond to the enormous challenge of checking illegal bunkering.

    Ade Abolurin, Commandant-General of the Nigeria Security and Civil Defence Corps (NSCDC), in his contribution, said his men were not properly equipped to tackle the challenge of oil bunkering. He however noted over 300 Nigerians and 15 Ghanaians have been arrested and prosecuted by his men for illegal oil bunkering. The NSCDC boss said government should implement laws that relates to checking illegal oil bunkering.

    Related News

    US oil/gas rig count falls for 6th week to 2021 lows – Baker Hughes

    Demand for US light sweet crude drops as OPEC+ ramps up output

    Nigeria loses N710bn to gas flaring in four months

    E-book
    Resilience Exhibition

    Latest News

    US oil/gas rig count falls for 6th week to 2021 lows – Baker Hughes

    June 8, 2025

    Demand for US light sweet crude drops as OPEC+ ramps up output

    June 8, 2025

    ‘Ebonyi communities face pollution, abuse from Chinese mining firms’

    June 8, 2025

    Nigeria loses N710bn to gas flaring in four months

    June 8, 2025

    NNPCL cuts workforce by 197 employees in one year

    June 8, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.