• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 9 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days Does Toyota Know Something That We Don’t?
  • 3 hours America should go after China but it should be done in a wise way.
  • 6 days World could get rid of Putin and Russia but nobody is bold enough
  • 8 days China is using Chinese Names of Cities on their Border with Russia.
  • 9 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 9 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 9 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 8 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 9 days Putin and Xi Bet on the Global South
  • 9 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 10 days United States LNG Exports Reach Third Place
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
How Biden’s LNG Export Pause Could Backfire

How Biden’s LNG Export Pause Could Backfire

President Biden's temporary pause on…

Oil Theft Could Derail Oil Growth in Nigeria

Theft in the Niger Delta may prevent Nigeria from meeting its ambitious goal of boosting oil output by 30% by 2020, according to oil officials there. An official from the Nigerian National Petroleum Corporation said that theft and sabotage cost Nigeria an estimated 300,000 barrels of oil per day in lost production in 2013. If it were to meet its goal by the end of the decade, Nigeria would need to boost its oil output from 2.3 million bpd to 3 million bpd.

Andrew Yakubu of NNPC said that Nigeria has spent $91 million on upgrading security equipment and air surveillance, as reported by Bloomberg News. But ongoing theft has plagued Nigeria, which is Africa’s largest oil producer.

Related Article: Nigeria’s Missing Oil Money Sparks Political Crisis

Royal Dutch Shell was forced to shut down a major pipeline last month due to leakage and theft. Having long operated in the country, Shell has been the target of oil bandits and armed militias, which fund their operations by stealing oil from pipelines. The troubles in Nigeria were a major factor in profit declines for the oil giant, prompting the company to seek suitors to which it could sell the embattled pipeline.

For Nigeria, rich in oil and gas reserves, the challenge is how to ensure that oil development brings actual prosperity to average Nigerians. For a country with a GDP of about $424 billion, nearly two-thirds of its people live on less than a dollar per day. Millions of people are unemployed or underemployed. Corruption and unequal distribution of oil wealth has thus far meant that the majority of people are not benefitting from Nigeria’s oil boom. This has fueled instability and anger towards oil operators.

By Joao Peixe of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News