Category: West Africa

Nigeria has been listed as the country with the highest incidents of crude oil theft in the world, according to data released by Oilprice.com. According to the website, with as much as 400,000 barrels of crude oil stolen daily, Nigeria is ranked worse than Mexico, Iraq, Russia and Indonesia on the top five countries most plagued by oil theft. The report put Nigeria’s losses to crude theft at $1.7 billion, about N272 billion per month, representing 7.7 percent of Nigeria’s Gross Domestic Product, GDP. The report said: “This represents 7.7 percent of Nigeria’s GDP vanishing, or more than the country spends on education and healthcare. “These numbers paint a harsh picture about the inability of the Nigerian government and the multinational oil companies in Niger Delta, to do anything about this rampant theft. “With oil theft hitting record levels in 2013, the G8 has been reminded of its 2000 […]

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A landmark UK court ruling paves the way for Shell to finally be held accountable for devastating oil pollution in the Niger Delta, Amnesty International said today. "Today’s ruling is a shot across the bows for Shell" said Audrey Gaughran, Amnesty International’s Director of Global Issues. "The court’s message is clear – if you don’t take adequate measures to protect your pipelines from tampering, you could be liable for the damages caused." In a judgment delivered by Mr Justice Akenhead, the London Technological and Construction Court found that short of providing policing or military defence of its pipelines, Shell was responsible for taking reasonable steps to protect them. This would include measures such as installing leak detection systems, surveillance equipment and anti-tamper equipment. The ruling has opened the door for Nigerian claimants to demand compensation if oil leaks were a result of sabotage or theft – if […]

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India ahas replaced the United States of America as the largest importer of Nigeria’s crude with China and Malaysia following closely, the Nigerian National Petroleum Corporation (NNPC) said yesterday. Nigeria has been facing dwindling crude oil sales to the United States as shale oil and gas production there has increased, reducing demand for imports. India now purchases some 30 percent of Nigeria’s daily crude production which currently hovers around 2.5million barrels, while crude oil sales to the US by now stands at about 250,000 barrels per day, according to a statement by NNPC’s spokesman Ohi Alegbe. Speaking in Moscow, Russia at the on-going 21st World Petroleum Congress, Coordinator Corporate Planning and Strategy, Nigerian National Petroleum Corporation, Dr. Tim Okon also told newsmen that the Asian countries have since replaced the US as the biggest consumers of Nigerian crude. Dr. Okon, who also doubles as the Director of Transformation of […]

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India ahas replaced the United States of America as the largest importer of Nigeria’s crude with China and Malaysia following closely, the Nigerian National Petroleum Corporation (NNPC) said yesterday. Nigeria has been facing dwindling crude oil sales to the United States as shale oil and gas production there has increased, reducing demand for imports. India now purchases some 30 percent of Nigeria’s daily crude production which currently hovers around 2.5million barrels, while crude oil sales to the US by now stands at about 250,000 barrels per day, according to a statement by NNPC’s spokesman Ohi Alegbe. Speaking in Moscow, Russia at the on-going 21st World Petroleum Congress, Coordinator Corporate Planning and Strategy, Nigerian National Petroleum Corporation, Dr. Tim Okon also told newsmen that the Asian countries have since replaced the US as the biggest consumers of Nigerian crude. Dr. Okon, who also doubles as the Director of Transformation of […]

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A suspected oil thief rides a wooden boat full of stolen crude oil on the creeks of Bayelsa, Nigeria in May 2013. Nigeria is moving its efforts to cut oil smuggling to target foreign players increasingly implicated in the trade. Associated Press LONDON—Nigeria last month handed down a long prison term, in absentia, to the Indian owner of a vessel suspected of carrying stolen crude—moving its efforts to cut oil smuggling to target foreign players increasingly implicated in the trade. Africa’s largest economy has long battled theft from its oil pipelines in the southern Niger Delta. That’s sapped revenue and scared off foreign investment. Nigerian courts have tried and convicted individual thieves accused of tapping into oil pipelines, or crews arrested on board vessels carrying stolen oil. But authorities have generally not taken action against the international shippers alleged to increasingly carry the oil out to international waters. But […]

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A suspected oil thief rides a wooden boat full of stolen crude oil on the creeks of Bayelsa, Nigeria in May 2013. Nigeria is moving its efforts to cut oil smuggling to target foreign players increasingly implicated in the trade. Associated Press LONDON—Nigeria last month handed down a long prison term, in absentia, to the Indian owner of a vessel suspected of carrying stolen crude—moving its efforts to cut oil smuggling to target foreign players increasingly implicated in the trade. Africa’s largest economy has long battled theft from its oil pipelines in the southern Niger Delta. That’s sapped revenue and scared off foreign investment. Nigerian courts have tried and convicted individual thieves accused of tapping into oil pipelines, or crews arrested on board vessels carrying stolen oil. But authorities have generally not taken action against the international shippers alleged to increasingly carry the oil out to international waters. But […]

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The top executive at a state-owned energy company in Nigeria said the European market is a good one for its abundant natural gas reserves. Members of the European Union are looking for new sources of natural gas in an effort to add diversity to an energy market dominated by Russia. Andrew Yakubu, chief executive of the Nigerian National Petroleum Corp., said Europe could be a good customer for the estimated 187 trillion cubic feet of natural gas that’s been largely untouched in Nigeria. "Europe is a good market for gas," he was quoted by the Platts energy news website as saying Sunday. "We are working on independently marketing our abundant gas resources to Europe." In May, state-led Nigeria LNG Ltd., said it was sending 180 Nigerians to South Korea to learn how to build vessels used in the liquefied natural gas sector. LNG offers more transport […]

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The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has stated that Nigeria no longer has any tangible trade in crude oil with the United States of America, following the shale oil boom in the country. Alison-Madueke said this yesterday at an interactive forum on the Petroleum Industry Bill (PIB) which is awaiting passage at the National Assembly. She warned that the development should spur Nigerians to impress it on the legislature to pass the PIB as soon as possible. The minister said this just as the Chairman, House of Representatives Committee on Petroleum (Downstream), Dakuku Peterside, also disclosed that the National Assembly would in its consideration of the bill expunge a certain provision that allows ministerial discretion in granting extension to the three-year deadline to end gas flaring after the PIB is passed. Represented by the Group Coordinator, Corporate Strategy and Planning of the Nigerian National Petroleum Corporation (NNPC), […]

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Delegates at the on-going National Conference yesterday debated the desirability and otherwise of the much-touted Fuel Subsidy as they spoke either in support or against the complete removal of the subsidy as recommended by the Standing Committee on Public Finance and Revenue. The debate on the committee’s report kicked off after delegates had resumed for the week following the death of the wife of the conference chairman, Justice Idris Kutigi, on Wednesday last week. A total number of 147 delegates indicated interest to comment on the report and as at close of session yesterday evening only about 50 had spoken prompting adjournment and continuation of the debate today. Each delegate spoke with passion on why the Federal Government should either keep subsidising petroleum products for the public or why it should be removed. According to the report, as presented by the committee chairman Senator Adamu Aliero, subsidy on petroleum […]

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