WITH an estimated 150,000 barrels of crude oil being stolen in the country daily, the Federal Government may need stiffer measures to curb the menace assailing the nation’s economy.

But despite the challenges facing the sector, oil and gas may remain the cornerstone of the nation’s economy, going by the projection of Managing Director of Nigerian National Petroleum Corporation (NNPC), Austin Oniwon.

The theft level was disclosed by the Executive Vice-President of Shell, Sub-Saharan Africa, Ian Craig, in Abuja, yesterday.

Speaking during the ongoing Nigeria Oil and Gas conference at the Federal Capital city, he stated that the shallow water sector, which is the backbone of the Nigeria’s production for sometime is not impacted by oil theft to the same degree but funding restrictions and more recently, licence renewal delays have curtailed its growth potential.

According to him, “the greatest challenge is the massive organised oil theft business and the criminality and corruption which it fosters. This drives away talents, both Nigerian and international, increases costs, reduces revenues to both investors and the government and results in major environmental impacts.

“The volume of oil which is stolen is difficult to estimate but is probably in the region of 150,000 bpd. In December last year, a spill was reported on Shell operated Nembe Creek trunk line caused by two failed bunkering connections. Repairs took a month, with a total production deferment of over four million barrels.

“Sadly, as so often happens, thieves used the one-month pipeline depressurisation as a window to install even more bunkering points. Since restart of production in January, there have been multiple trips caused by pressure drops resulting from illegal off-take.

“We have found over 50 bunkering points on the line and associated industrial scale illegal refining with major environmental impacts, which are being removed, Craig added.

He lamented that the poor funding of the Nigeria National Petroleum Corporation (NNPC) as well as the uncertainty in the country’s oil and gas legal and fiscal terms.

http://www.guardiannewsngr.com/index.php?option=com_content&view=article&id=77846:volume-of-oil-theft-in-nigeria-hits-150000-bpd&catid=31:business&Itemid=562

I must device a way of stealing at least 5000 bpd for myself for year. Country too useless