Oil theft: Chevron, Shell, Eni, lost 160m barrels in 2009/2012

Oil-Theft-Niger-Delta-702x336The Nigeria Extractive Industry Transparency Initiative (NEITI), the country’s oil auditors, has re­vealed that three of Nigeria’s foreign oil partners – Shell, Eni and Chevron – recorded a loss of about 160 million barrels of crude oil with an export value of $13.7 billion between 2009 and 2012.

According to a statement by NEITI’s Executive Sec­retary, Zainab Shamsuna Ahmed, “Nigeria also lost about $1.1 billion through the crude swap for oil products programme by state-owned Nigerian National Petroleum Corporation (NNPC) over the same period.

“The record was from three international oil companies; Shell Production and Devel­opment Company, NigeriaA­gip Oil Company and Chev­ron Nigeria Limited,” Ahmed said. While oil theft remains a major headache for the gov­ernment and foreign compa­nies operating in the country, Shell, Eni and Chevron have sold more than a dozen of their assets in the Niger Delta area mostly prone to attacks by restive communities.

Nigeria loses around 250,000b/d of its oil produc­tion to theft, amounting to lost revenue of between $10 billion and $20 billion a year, and depriving the country of much-needed income that could have been deployed to develop social infrastructure, according to President Mu­hammadu Buhari.

The NEITI head reiterated that NNPC had yet to remit the $11.6 billion, dividend to the Federation Account from the exports by the Bonny LNG. – The Sun


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