Arab Today, arab today shell details losses of nigerian crude
Last Updated : GMT 11:54:59
Arab Today, arab today
Arab Today, arab today

Shell details losses of Nigerian crude

Arab Today, arab today

Arab Today, arab today Shell details losses of Nigerian crude

Washington - UPI

U.S. petroleum company Shell Oil says Nigeria loses an estimated 150,000 barrels of crude oil each day because of theft in the Niger Delta region. Shell Sub-Saharan Africa Shell Exploration and Production Africa Limited Executive Vice President Ian Craig told the Nigerian Oil and Gas Conference the loss of oil is only one of the \"major challenges\" of working in the Niger Delta. \"The volume of oil which is stolen is difficult to estimate but is probably in the region of 150,000 barrels per day,\" Craig said. \"(There is) chronic underfunding of the onshore joint ventures where the Nigerian National Petroleum Corp. is the majority shareholder.\" The biggest issue isn\'t with infrastructure or production. \"The greatest challenge, however, is the massive organized oil theft business and the criminality and corruption which it fosters,\" Craig said. \"This drives away talent ... increases costs, reduces revenues both for investors and the government and results in major environmental impact.\" He said investigations have uncovered more than 50 illegal bunkering points along the line and \"associated industrial scale illegal refining with major environmental impacts.\" \"These are, of course, now being removed,\" Craig said. He said the hurdles, on top of the expected costs, can make any potential investor think twice. \"When you are lucky enough to have a commercial discovery, the development costs and timescales are daunting; perhaps $10 billion for a large deep-water development or $20 billion for a large integrated oil and gas project,\" Craig said. \"The execution of the project may take five years or so and many years beyond that before the initial outlay can be recouped.\" Nigeria produces roughly 2.5 million bpd, making it one of Africa\'s largest oil exporters and the world\'s 14th largest oil producer. The Nigerian government in 2009 signed an agreement granting amnesty for members of the Movement for the Emancipation of the Niger Delta. That caused the attacks to diminish sharply but illegal bunkering operations siphoning off Niger Delta crude remain a costly headache for Shell. Nigerian Petroleum Minister Diezani Allison-Madueke said, while the country produces around 2.5 million bpd of combined crude oil and condensate, the government intends shortly to increase national oil output by an additional 180,000 bpd. Corruption in Nigeria\'s oil sector is a longstanding problem. The U.N. Office on Drugs and Crime said of the roughly Nigeria $1 trillion the country\'s energy sector has earned since independence in 1960 until 1999, some $400 billion was stolen. Nigeria\'s Parliament has begun looking into business practices at the NNPC as it currently receives all oil revenues into its foreign bank accounts, leaving the Federal Ministry of Finance unaware of the exact amount of revenue that the nation is earning from oil exports at any given time.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today shell details losses of nigerian crude Arab Today, arab today shell details losses of nigerian crude

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday