Nigeria Losing $35m a Day from Oil Theft - Report

Posted by Eric Haun
Tuesday, June 17, 2014

Nigeria is losing an estimated $35 million a day from oil theft and needs to put a "full, final stop" to the growing black market for crude exports, according to a national conference report seen by Reuters on Tuesday.

Africa's largest economy and top oil producer has been struggling with oil theft for years, with much of the stolen crude leaving the country in tankers.

The energy committee of Nigeria's national conference said in a report submitted this week the losses were "equivalent to $35 million each day," or roughly a quarter of Nigeria's annual revenue. It called on Abuja to "bring this racket to a full, final stop".

"The potential gains should clearly outweigh the cost of any intense security operation to stamp out this economic sabotage," the committee said in the 71-page document, which has not been made public.

Delegates from around the country have been meeting in Abuja for the national conference, which was convened by President Goodluck Jonathan in March with the aim of examining longstanding problems in Africa's most populous country.

(By Camillus Eboh; Writing by David Dolan; Editing by Keiron Henderson and Sonya Hepinstall)

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Diana Shipping Nets 2Q Loss

Diana Shipping Inc. today reported a net loss of $14.1 million and net loss attributed to common stockholders of $15.5 million for the second quarter of 2015, compared to net loss of $5.

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

Energy

Optimized Tug-Barge System Designs by Robert Allan

Optimized Tug-Barge System Designs by Robert Allan Ltd. by David R. Connand Robert G. Allan, P.Eng. Some veteran Mississippi pushboats and barges have been

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

West Africa's August Crude Exports to Asia to Slip

West African crude oil exports to Asia were expected to fall to 1.84 million barrels per day (bpd) in August, Reuters data and a survey of traders showed.     Slower

News

Missing Person Rescued Near Brackettville

On July 31, Border Patrol Search Trauma and Rescue (BORSTAR) agents and CBP Office of Air and Marine rescued a man who was reported missing the previous morning.

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Fire Aboard USS Mount Whitney

A fire broke out on board USS Mount Whitney (LCC 20) while the ship was in Viktor Lenac Shipyard (Rijeka, Croatia) July 31, 2015. There were no personnel injuries in the fire,

 
 
Maritime Careers / Shipboard Positions Navigation Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2379 sec (4 req/sec)