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Chevron, Others Lost 160m Barrels To Crude Theft- NEITI

Chevron, Others Lost 160m Barrels To Crude Theft- NEITI

Oil Theft

The Nigeria Extractive Industry Transparency Initiative (NEITI), the country’s oil auditors, has revealed that three of Nigeria’s foreign oil partners – Shell, Eni and Chevron – recorded a loss of about 160 million barrels of crude oil with an export value of $13.7 billion over 2009 -2012.

According to Platts (a provider of energy and metals information and a source of benchmark price assessments in the physical energy markets), “Data from the NEITI Audit reports show that Nigeria lost about 160 million barrels of crude oil valued at $13.7 billion to crude oil theft from 2009-2012.”

Nigeria also lost about $1.1 billion through the crude swap for oil products programme by state-owned Nigerian National Petroleum Corporation (NNPC) over the same period, the statement quoted NEITI executive secretary, Zainab Shamsuna Ahmed, as saying.

“The record was from three international oil companies; Shell Production and Development Company, Nigerian Agip Oil Company and Chevron Nigeria Limited,” Ahmed said.

Oil theft remains a major headache for the government and foreign companies operating in the country.

Shell, Eni and Chevron have sold more than a dozen of their assets in the Niger Delta mostly prone to attacks by restive communities.

Nigeria loses around 250,000b/d of its oil production to theft, amounting to lost revenue of between $10 billion and $20 billion a year, and depriving the country of much-needed income that could have been deployed to develop social infrastructure, according to President Muhammadu Buhari.

The NEITI head reiterated that NNPC had yet to remit the $11.6 billion, dividend to the Federation Account from the exports by the Bonny LNG plant.

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