Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRDSA.L Share News (RDSA)

  • There is currently no data for RDSA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Nigeria arrests 12 including 2 Britons for oil theft

Fri, 28th Mar 2014 14:29

YENAGOA, Nigeria, March 28 (Reuters) - Nigeria has arrestedtwo Britons and 10 of its own citizens on charges of trying tobribe a military officer to facilitate oil theft, the militarysaid on Friday.

Oil theft by armed gangs is rampant in Africa's topcrude-producing country, with estimates ranging from 100,000barrels to 250,000 barrels a day lost to so-called "bunkerers".

Major-General E.J. Atewe, commander of the mixed militaryand police Joint Task Force (JTF) for the oil-producing NigerDelta region, said two of the bunkerers, both Nigerian, had goneto an officer to request clearance to move the crude oil.

They had openly admitted their plan was to hack into apipeline and connect a hose that would siphon crude out of itonto a waiting boat, and offered him $6,500 to provide a gunboatto protect them on the way out.

"The suspects were immediately arrested for attempting tobribe the brigade commander for economic sabotage," Atewe saidin a statement, and a follow-up operation had led to the arrestof two Britons and another eight Nigerians.

Stories of collusion with the security forces are common andthe sheer scale of oil theft in Nigeria would not be possiblewithout systematic collusion by various security agencies,security sources say.

Loss of output from theft and outages caused by sabotagingpipelines has cost the treasury - which relies on oil for about80 percent of revenues - billions of dollars. Critics, however,say theft is exaggerated to cover up embezzlement of oilrevenues by officials in the state oil firm, a charge they deny.

Oil theft has contributed to the high likelihood Nigeriawill lose its top African crude oil exporter spot in May, asexports could fall to their lowest since records began in 2009.

Production of the Forcados grade has been hit by underwater pipeline leakage, which Shell blamed on oiltheft, and which led the operator to declare force majeure onthe grade this week.

Despite widespread evidence of collusion between Nigeriansecurity forces, the government has been keen to portray oiltheft as the work of foreign criminal gangs. Analysts say themain buyers are gangs in the Balkans and refiners in Singapore. (Reporting by Tife Owolabi; Writing by Tim Cocks; Editing byMark Heinrich)

More News
20 Jan 2022 12:01

LONDON MARKET MIDDAY: FTSE 100 stalls as AB Foods drags on index

LONDON MARKET MIDDAY: FTSE 100 stalls as AB Foods drags on index

Read more
20 Jan 2022 09:54

UPDATE 2-Oil stocks, GSK weakness pull FTSE 100 lower; Deliveroo jumps

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* Deliveroo fourth-quarter order growth jumps* Premier Foods top midcap gainer on strong profit outlook* Unilever abandons plan to buy GSK's ...

Read more
19 Jan 2022 21:37

Shell to carry out Pernis, Netherlands oil refinery maintenance until end of June

AMSTERDAM, Jan 19 (Reuters) - Royal Dutch Shell said on Wednesday it plans to carry out major maintenance work at its Pernis oil refinery in the Netherlands in the coming five months."We will inspect a large number of installations from the insid...

Read more
19 Jan 2022 08:56

LONDON MARKET OPEN: FTSE 100 steady despite UK inflation intensifying

LONDON MARKET OPEN: FTSE 100 steady despite UK inflation intensifying

Read more
18 Jan 2022 17:05

LONDON MARKET CLOSE: Stocks fall on worries over higher interest rates

LONDON MARKET CLOSE: Stocks fall on worries over higher interest rates

Read more
18 Jan 2022 13:08

UPDATE 1-Norway awards 53 new petroleum production licences

(Adds detail, quotes)OSLO, Jan 18 (Reuters) - Norway awarded 53 new petroleum production licences on the Norwegian continental shelf in the latest licensing round for mature areas, the oil and energy ministry said on Tuesday.Stakes were offered to...

Read more
18 Jan 2022 13:00

Angry investors seek to appoint board member to Third Point UK fund

LONDON, Jan 18 (Reuters) - Activist investors in Third Point's London-listed fund want independent director Richard Boleat appointed to the board to improve corporate governance, they said in a letter to shareholders on Tuesday.Third Point Investo...

Read more
18 Jan 2022 12:51

UPDATE 2-Climate activists lose court case against UK oil regulator

(Adds reaction from government minister)By Shadia NasrallaLONDON, Jan 18 (Reuters) - A UK High Court on Tuesday threw out a case brought by climate activists against the country's oil and gas regulator OGA, rejecting their argument that the OGA's ...

Read more
18 Jan 2022 12:51

UPDATE 1-Climate activists lose court case against UK oil regulator

(Add climate activists' response)By Shadia NasrallaLONDON, Jan 18 (Reuters) - A UK High Court on Tuesday threw out a case brought by climate activists against the country's oil and gas regulator OGA, rejecting their argument that the OGA's actions...

Read more
18 Jan 2022 12:14

LONDON MARKET MIDDAY: Markets red as inflation worries return to fore

LONDON MARKET MIDDAY: Markets red as inflation worries return to fore

Read more
18 Jan 2022 09:44

LONDON BROKER RATINGS: Goldman Sachs raises BT to Conviction Buy

LONDON BROKER RATINGS: Goldman Sachs raises BT to Conviction Buy

Read more
18 Jan 2022 09:03

LONDON MARKET OPEN: FTSE 100 slips despite oil boosting BP and Shell

LONDON MARKET OPEN: FTSE 100 slips despite oil boosting BP and Shell

Read more
17 Jan 2022 10:33

UPDATE 2-Oil majors, Iberdrola among winners set to harness Scottish wind

(Updates throughout)By Nina ChestneyLONDON, Jan 17 (Reuters) - Utility Iberdrola and oil majors BP and Shell are among companies offered seabed rights to develop offshore wind projects in the first tender of its kind in over a decade, Crown Estate...

Read more
17 Jan 2022 10:33

UPDATE 3-Scottish wind sale nets nearly $1 billion with Shell, BP among winners

(Adds comment from Shell, BP, analysts)By Nina ChestneyLONDON, Jan 17 (Reuters) - BP, Shell and utility Iberdrola were among the winners of seabed rights to develop Scottish offshore wind projects, in an auction which raised nearly 700 million pou...

Read more
17 Jan 2022 10:33

UPDATE 1-Crown Estate Scotland offers 17 projects seabed rights for offshore wind

(Adds more detail)By Nina ChestneyLONDON, Jan 17 (Reuters) - Crown Estate Scotland said on Monday it has offered seabed right agreements to 17 projects in its ScotWind leasing round which is aimed at supporting wind energy development.Out of 74 ap...

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.