Crude Oil Theft: ‘Nigeria loses N3.038 trillion in one year’ – Report

The Federal Government may have lost over N3.8 trillion to shortfall in the nation’s oil production due to the continued increase in theft and pipeline vandalism, estimated to have gulped 73 million barrels a year. According to an investigative report published at the weekend, despite the rise in crude oil prices in the international market, Nigeria’s economy may not reap the benefits as the country loses about $7.3 billion a year to oil thieves and vandals. The situation is made worse by the country’s inability to meet the Organisation of…

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Crude oil theft: FG commences advanced cargo declaration regime

With unprecedented crude oil theft becoming the greatest challenge to oil production and revenue generation, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) said it has obtained the necessary approvals to immediately implement the Advance Cargo Declaration regime in upstream petroleum operations to enhance transparency. The effort blocks the export of stolen crude oil by ensuring that crude oil and gas cargoes exported from Nigeria will have a unique identifier that confirms all documentation as regards the exported consignment. This implies that any cargo that does not have the unique identifier…

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Nigeria loses over N60 trillion annually to oil theft, refining – Report

A research study supported by Shell Nigeria has revealed that Nigeria loses between N30 and N60 trillion annually due to oil theft, illegal refining and pipeline vandalism. The Head of the research team from the University of Port-Harcourt (UniPort), Professor of history, Ben Naanen, said 200,000 barrels of crude oil, or 14%, is stolen every day out of the 1.4m barrels per day (bpd) produced in Nigeria. He, however, said that other sources in recent times have put it at 30% or some 470,000 bpd. At the price of over…

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Illegal Crude Oil Export: Nigeria lost $1.5bn in 3 months to oil theft, vandalism – Kyari

The Group Managing Director of the NNPC Limited, Dr. Mele Kyari, has asked the House of Representatives to create special courts for speedy trials of crude oil thieves and pipeline vandals. He made the appeal on Thursday, during an interactive session with the House Committee on Petroleum Resources (Upstream), where he blamed the drop in Nigeria’s daily crude production on the activities of thieves and vandals, stressing how they have gone too sophisticated. According to the GMD, the country lost over $1.5 billion worth of crude oil to theft between…

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Crude oil thieves, illegal refiners have built pipeline networks of their own – JTF Commander

Nigeria’s oil thieves and illegal refiners have constructed a network of pipelines which transits through the bushes into reservoirs, which in some cases spill and waste. Making the startling revelation was the Force Commander of Joint Task Force (JTF), South-South, ‘Operation Delta Safe’, Rear Admiral Aminu Hassan. He said this while giving a situation report of its operation to curb oil theft and illegal refining activities in the region. The report was given during an assessment tour organised by the Nigerian National Petroleum Company Ltd. (NNPC) on some illegal crude…

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$3.27bn, (N1.4tr) lost to oil thieves in 14 months – FG cries out

The Federal Government has raised an alarm over the rising rate of crude oil theft in the Niger Delta, disclosing that about $3.27 billion (1,361.37 trillion) worth of oil has been lost to vandalism in the past 14 months. The government said high-level cases of oil theft have become a threat to the country’s corporate and economic existence, with the industry now thinking of transporting crude oil from fields to export terminals by trucks. The Nigerian Upstream Petroleum Regulatory Commission, (NUPRC), in a presentation at a stakeholders’ engagement on oil…

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“Your days are numbered”, Timipre Sylva tells crude oil thieves, pipeline vandals

The Minister of State for Petroleum Resources, Timipre Sylva said the days of crude oil thieves, pipeline vandals and illegal bunkers were numbered as the Federal Government would no longer condone any affront on the nation’s oil/gas installations. He disclosed this yesterday, during an on-the-spot assessment of some pipelines negatively impacted by the unwholesome activities of the criminals in Ibaa Community of Emeoha local government area of Rivers State. The Minister was accompanied by the Chief of Defence Staff, General Lucky Irabor; GMD/CEO NNPC Ltd, Mele Kyari, Chief Executive of…

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Nigeria losing 95% of crude oil to thieves – Tony Elumelu

Nigerian entrepreneur, Tony Elumelu, yesterday, said that Nigeria loses 95 percent of its crude oil to looters under the President Muhammadu Buhari-led administration. Elumelu, while reacting to recent development in the country, lamented that the Bonny Terminal, in Rivers State, ought to be receiving 200,000 barrels of crude oil as against the 3,000 barrels it is currently getting on a daily basis. “Businesses are suffering. How can we be losing over 95% of oil production to thieves? asked Elumelu, via a tweet. “Look at the Bonny Terminal, which should be…

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Crude oil theft: ‘107.239m barrels missing from 2019’, Auditor-General alleges

The Office of the Auditor-General for the Federation, (AuGF), has said that the defunct Nigeria National Petroleum Corporation (NNPC) now NNPC Limited, failed to account for over 107 million barrels of crude oil lifted for domestic consumption in 2019. The AuGF, in a report, also said that available records from the performance report of two depots revealed that about 22,929.84 litres of PMS, valued at N7.06 billion, pumped to the two depots (Ibadan-Ilorin and Aba-Enugu) between June and July 2019 were not received by the depots. This revelation formed part…

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Alleged crude oil sales bribery: ‘$272m paid to Diezani’– Ex Glencore trader tells U.S. Justice Dept.

Nigeria’s former minister of petroleum resources, Diezani Alison-Madueke, was part of a grand kickback scheme involving officials of state-run Nigerian National Petroleum Corporation (NNPC) and middlemen that delivered mouth-watering deals to foreign oil companies by softening the contracts’ terms. According to a Bloomberg report on Tuesday, a former trader with Glencore, a Swiss-based commodity trading firm, Anthony Stimler made this revelation to the US Department of Justice, (DoJ). Stimler, himself a subject of a related graft case being heard in the U.S., has named seven other accomplices, four of whom…

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