Oil Theft in Nigeria Subsiding?

A steep decline has been recorded in oil theft in Nigeria, according to a Nigerian Navy’s flag officer.

At the moment Nigeria loses 800,000 barrels of crude oil, a drastic fall from 2.6 million barrels recorded in January 2014, Flag Officer Commanding (FOC) Eastern Naval Command, Rear Admiral Charles Obiora-Medani is quoted as saying by This Day.

Obiora-Medani added that pirate activity along the waterways in Cross River State and Akwa Ibom State has also seen a considerable downturn.

Nigerian energy committee reported in June this year that Nigeria was loosing USD 35 million per day due to oil theft, almost a quarter of Nigeria’s annual revenue, Reuters writes.

The coast of West Africa has become a new hot spot for pirates as Nigerian pirate groups target tankers to steal crude oil and refined petroleum.

According to an IMB report, the main reason behind this is the failure of Nigerian authorities to build and maintain domestic oil refineries.

Nigeria is Africa’s top oil producer, however its full export potential has not been reached.

World Maritime News Staff