• Inside Labour

    Without radical policy change SA's social fabric will continue to fray, says Terry Bell.

  • Long live your gadget

    Real gadget protection tends to cost real money, writes Arthur Goldstuck.

  • Taking SA for a ride

    The ANC seems to think all South Africans are idiots, says Mzwandile Jacks.

Data provided by iNet BFA
Loading...
See More

Nigeria loses $10.9bn to oil theft

Jul 30 2013 15:03 Reuters

(http://www.shutterstock.com)

Related Articles

Minister defends Nigerian petroleum bill

Shell warns of more Nigeria asset sales

Hijackers release Nigerian oil tanker

Nigeria loses $6bn to illegal oil market

Nigeria starts work on vital oil bill

Nigeria halves fuel debt to traders

 

Abuja - Nigeria lost out on $10.9 billion in potential oil revenues due to oil theft between 2009-2011, the chairman of the Nigeria Extractive Industries Transparency Initiative (NEITI) said on Tuesday.

"Over 136 million barrels estimated at $10.9bn was lost to crude oil theft and sabotage," Ledum Mitee said in an emailed statement, after NEITI published an audit of the Nigerian oil and gas sector this week.

NEITI is a government agency that operates as part of a global EITI scheme aimed at improving transparency among commodity producing countries.

Oil theft in Nigeria is often associated with criminal gangs who tap crude from pipelines for local refining but the majority of stolen crude leaves the country in large tankers.

Security experts say the scale of the theft - estimated at up to 250 000 barrels per day - could not be achieved without the complicity of officials.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

nigeria  |  oil
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

“Hippie sense makes business sense,” an entrepreneur said, adding that "purpose" was core to success.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...