Flets:
For APC dumbos

300kd is shut-in production due to vandalized pipelines and ageing production facilities. It is not stolen crude..... but rather unproduced crude seating beneath the soil surface

100kd is still lost to bunkering which efforts are ongoing to end it. This amount compares to 350kbd theft under Obj.

Any certificateless illiterate who mentions 400kd oil theft again will be shot in the head. .....Last warning.

iykofias:
Hahahaha, sambo kip setting d height of stupidity beyond reach.

ayukdaboss:

It's really unfortunate what political bigotry has done to us. I'm sure even if Sambo says he's a fool, you'll give him reasons why he isn't.

olapluto:
At 55 USD per barrel, 100,000 barrels = 5.5m dollars! per day
That is $2 Billion yearly! or 400 Billion naira per year.
Buhari cannot come early enough!

southniyikaye:
Guy u funny o..gej was suppose to right the wrongs of obj,that's why he is in that office!! Now u,u and ur paymasters are suPpose to be in one isolated place and cry ur brains out until it hit reset or it is formatted!!! U keep analyzing shit! Imagine a militant having war ships,a private jet and a university,an illiterate militant under gejs watch!! And u even have the balls to defend them? U r a shame to the nigerian youths!! So the money they used weren't stolen crude oil money right?

Shell Nigeria loses 50,000 bpd to oil theft in '04
27 May 2005
Author: Tom Ashby
Country: All

LAGOS - Nigeria's largest oil producer, Royal Dutch Shell, lost about 50,000 barrels per day (bpd) of crude oil to organised theft in 2004, roughly steady on the year before, it said in its annual report.

Extrapolated to the whole industry in Africa's largest oil producer, the Shell estimate indicates that Nigeria loses about 125,000 bpd, worth $2 billion a year, to organised crime.

"There were periods of high theft activity, peaking at 60,000 bpd and low periods of 40,000 bpd, which compares to 100,000 bpd and 20,000 bpd respectively in 2003," Shell said in its annual report for Nigeria released on Friday.

Analysts and rights groups have accused high-ranking Nigerian government and military figures of involvement in the illicit trade, which is also linked to big international networks capable of exporting the oil to refineries abroad.

The high level of oil theft is one cause of a massive influx of sophisticated military hardware to militant groups in the Niger Delta, analysts say, where hundreds of people die every year because of ethnic, communal and political fighting.

These groups often play on feelings among residents of the impoverished wetlands that they are being cheated out of the huge riches being pumped from their tribal lands. Militant groups frequently resort to kidnapping, extortion, sabotage and occupation to get their point heard.

Shell said that the Nigerian security forces had intensified efforts to reduce crime in 2004, although the security situation in the inaccessible region was mixed.

"During the year, 32 barges, six ships, six tugboats and 10 road tankers were seized, together with 63 suspects arrested (two of whom were senior naval officers)," Shell said.

SEIZURE

In Nigeria's largest ever seizure of stolen crude, two senior naval officers were court martialled for their involvement in the disappearance of a seized oil tanker impounded for smuggling 11,000 barrels of oil.

The tanker is still missing.

Shell said there were a lower number of security breaches in the western end of the delta around Warri, but a rising number of "ethnic warlords" on the waterways in the eastern part around Port Harcourt.

"Criminals used the cover of ethnic conflicts to undertake crude oil theft," Shell said.

The number of community-related disruptions, including the forced closure of facilities, seizure of assets, blockades and disruption to drilling, increased by 10 percent to 176, the report said. But the amount of oil lost from these events fell sharply, from 45 million barrels in 2003 to 5.2 million barrels last year.

The number of Shell staff and contractors killed rose to 12 in 2004, from 11 the year before, from a total of 314 criminal incidents.

The company recorded a small drop in the amount of oil spilled in 2004, to 8,300 barrels from 9,900 barrels. It said 97 percent of the spilled volume was caused by sabotage.

Source: Reuters

Flets:
For APC dumbos

300kd is shut-in production due to vandalized pipelines and ageing production facilities. It is not stolen crude..... but rather unproduced crude seating beneath the soil surface

100kd is still lost to bunkering which efforts are ongoing to end it. This amount compares to 350kbd theft under Obj.

Any certificateless illiterate who mentions 400kd oil theft again will be shot in the head. .....Last warning.

simpleseyi:


If you are the true son of your father, meet me under Ojuelegbe bridge by 7:00pm today. I will show you why crude oil Stealing is same as Corruption. I will be standing by the Youth Corps statue.

BlackTechnology:
I wonder how the opposition got that hilarious figure even though 100 000 barrels maybe too small.


Only God knows

Flets:


Stop chasing shadows lil brain.... they aint tangible

simple seyi:
If you are the true son of your father, meet me under Ojuelegbe bridge by 7:00pm today. I will show you why crude oil Stealing is same as Corruption. I will be standing by the Youth Corps statue.

omonnakoda:
Wetin u go wear

simpleseyi:




I will be wearing black boxing shorts, black arm-less top, teeth guide,black head guide and black boxing gloves. I will also come with an ambulance to help you get to LUTH in time after I must have humiliated and completely destroyed you and PDP.

iykofias:
Hahahaha, sambo kip setting d height of stupidity beyond reach.

BlackTechnology:
I wonder how the opposition got that hilarious figure even though 100 000 barrels maybe too small.


Only God knows

High quality global journalism requires investment.

The Nigerian state and oil companies are losing a billion dollars or more a month to oil theft by criminal networks whose activities have expanded rapidly under the government of President Goodluck Jonathan.

According to Ngozi Okonjo-Iweala, the finance minister, the trade in stolen oil led to a 17 per cent fall in official oil sales in April, or about 400,000 barrels per day). At average April prices of $121 per barrel, this results in a loss of $1.2bn. This is a higher estimate than that given earlier by SPDC, Royal Dutch Shell’s Nigerian subsidiary, which put theft at between 150,000 and 180,000bd.

9jatriot:


I have read your comments but I am struggling to get what you are trying to say. Please in few words, which of these correctly represents your opinion?

1. 100,000 barrels are being stolen but it is okay since it was probably higher during OBj's time.
2. 100,000 barrels are being stolen but the monetary equivalent is not as one of the contributors calculated because the JV have their share of the stolen barrels?
3. JV are involved in the 100, 000 barrels stolen daily and a fraction of the amount goes to them?

I know I will not be shot in the head since I did not mention 400kd.

onegig:
Let's even assume it is just 100,000 barrels.

That's 100,000 ×$54 (price per barrel) =5.4 million dollars lost daily.

Multiply by 365 days

365 × 5.4 million dollars= 1 971 000 000 (1.9 Billion dollars yearly)

That's roughly 2 Billion dollars yearly.

Multiply by Current exchange rate of 195.

You would have around 400 billion dollars yearly.

Let us put things into perspective more.

That's the total full year budget of Osun and most states for 8 straight years.

If that is curbed and thrown at our educational sector alone we would have 1000 percent turn around.

I give up on Nigeria.

Flets:


I am saying we've gone from 350kbd crude theft under Obj to 100kbd under GEJ and we are headed for zero crude theft with ongoing efforts. We need to appreciate where we are coming from and where we are headed.

And am also saying its wrong to do an outright calculation of 100kbd x 55 dollars when trying to determine revenue loss to the FG. FG is only entitled to approx 55% of that amount if the volumes were not lost

9jatriot:


Ok clearer now.

However I disagree with you on the amount of crude stolen on the waters when compared with that of OBJ, during OBJ the players were the small or medium boyz. Most of them were caught by JTF and had a 40% probability of pulling the deal off. Under GEJ it has become legitimate.

For Jv, I think its a 60-40% relationship, however he used a modest value of $55 in is calculation, even though we know that it sold for more than $100 in the last few years. Don't also forget that some of these Multinationals do not remit the true value of crude to the Nigerian government in collusion with same officials who also steal from the waters, so even the 400,000 barrels is small compared to what we lose daily. Moreover it was madam NOI herself who first insinuated 400k barrels when trying to defend a different position then, now that value is hunting them they are trying to reduce it to 100k barrels and calling it only.

Some countries get that 100k barrels to drive their economy yet our number 2 man says it ok for it to be stolen. that's the angle I am seeing this from.

Flets:


I gave you figures reported as crude theft under OBJ which is 350kbd and has reduced to 100kbd under GEJ. Those small and medium boys you referred to were cleared by GEJ hence the drop. The 100kbd is left are the theft by key men who do crude tanker plug-ins. These people connive with everybody within the supply chain from JTF, navy, PPRA, customs and even IOC reps. FG has taken it a bit further by engaging the foreign refineries where the products are sent to to help identify the buyers and the moles within the various IOCs and govt parastatals. Once we nip this
... crude theft will be reduced to the bare minimum

U said its 60:40JV venture only but you are wrong again. Most Deepwater JVs have the IOCs holding about 56.25%. FG typically have less than 50% stake on Rich gas fields. Summary is that there are many JV agreements out there that is not consistent with old lovely 60:40 arrangements

You said the IOCs do not remit the true values of crude to the FG. Though I agree there might be sharp practices but the general assumptions is so wrong. The process makes it such that its almost impossible to under-report. During typical crude export from the tank farms, FSOs or FPSOs..... there is a minimum of 7 parties represented to sign of the export volumes. The IOC rep, DPR, PPRA, NNPC, Ministry of Finance, Marine rep etc typically sign off on export volumes right there in the field. Besides the crude tankers get scheduled very early and the volume capacities are known. Trust me its easier to burst a pipeline for crude than push to under report export volumes