‘Nigeria loses 300,000 barrels of oil daily’

Guardian

4 July 2011

‘Nigeria loses 300,000 barrels of oil daily’ .

 .DPR raises concern over depleting reserves

DESPITE efforts of the Federal Government   to check some cartels that are involved in oil theft, especially in the Niger Delta, their activities are costing the nation 300,000 barrels per day (bpd).

The government is losing this amount of the natural resource at a time that the Department of Petroleum Resources (DPR) has expressed the need to search for new oil deposits in order to boost depleting reserves.

The former Special Adviser to the President on Petroleum Matters, Dr. Emmanuel Egbogah, told The Guardian that government was aware of the situation and would ensure that those who were involved in the theft were brought to book.

He stated:  “Oil theft in the Niger Delta is a very serious matter.  The government has been combating them with military personnel.  The amount of oil they steal is about 300,000 bpd. This is not good at all for the economy.  These people are supported by big cartels of international agencies. They sell this oil cheaply. The government is doing all it can to put a stop to this huge lose. The government is interested in elimination them.”

In 2009, Shell Petroleum Development Company (SPDC) Limited disclosed that Nigeria lost about $1.5 billion yearly to crude oil theft.

“Criminal gangs continue to steal oil from our pipelines at an estimated rate of 100,000 barrels a day. Theft and illegal refining cause extensive environmental damage. Sabotage and theft together accounted for more than 80 per cent of the spill volume from SPDC facilities in 2010”, Chairman/Managing Director of SPDC, Mutiu Sunmonu said.