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‘Gov’t has reduced crude oil theft by 50%’ – Delta Governor Uduaghan

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A whopping 40,000 barrels of crude oil is lost daily to theft. This figure is an improvement from the former 80,000 barrels per day, following efforts by the federal government to fight crude oil theft.

Delta State Governor, Emmanuel Uduaghan, made this known to pressmen at the State House, Aso Rock, Abuja on Thursday January 2nd 2014, Premium Times reports.

Uduaghan said: “There has been a reduction in oil theft from about 80,000 barrels per day to the current 40,000 barrels per day. I can tell you that the crude that is being stolen is reduced to about 40,000 barrels per day”

The price of crude oil (Brent Crude) has been over $100 per barrel for several weeks and sold on Friday at $108 per barrel.

At $100 per barrel, and by Mr. Uduaghan’s confirmation, Nigeria currently loses about $4 million (N640 million) daily to crude oil thieves in the Niger Delta; and unless the government is able to reduce or eliminate the crime, the country might lose about N233 billion in 2014, money able to fund each 2014 budget of several states.

He further said:

Those two (vandalised) pipelines are now functioning. So the 300,000 (barrels) that was shut down as a result to the damage to the pipelines have now been opened.

Stealing 40,000 barrels per day is still on the high side, but as we go further, in putting a lot of measures in place, especially in areas of prosecution, I believe that the quantity that is being stolen will gradually reduce if possibly bring it to zero level.

Apart from prosecution, we are also talking of technology and monitoring to deal with the oil theft.

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