Shell loses $550m to oil theft

Shell Petroleum Development Company (SPDC), said it lost over $550million in June this year due to activities of crude oil thieves in the Niger Delta. General Manager, Sustainable Development and Community Relations of SPDC, Dr Felix Eshfelvilla disclosed this to newsmen after visiting some of the company’s facilities in Rivers and Bayelsa States.
Eshfelvilla said that an estimated quantity of 150 barrels of crude oil per day was stolen by illegal bunkerers.
He said this has impacted negatively on the economy, environmental and social lives of the communities, the states and the nation at large, adding that third party interference has also slowed down the country’s operations in the Niger Delta thereby affecting huge revenue and that of local, state and federal governments.
According to him, SPDC has adopted several strategies aimed at reducing or totally eradicating crude oil theft in the Niger Delta and appealed to the international community to assist in the efforts to combat the menace.
In a related development, the NNPC has pledged to collaborate with other agencies in efforts to stem crude oil theft in Nigeria.