Shell Loses 4.015 Million Barrels to Vandalism in 2018

Shell
  • Shell Loses 4.015 Million Barrels to Vandalism in 2018

The Royal Dutch Shell, Nigeria Operations, has decried rising pipeline vandalism and crude oil theft at its facilities across the country.

The company lost 4.015 million barrels of crude oil or $260.5735 million in 2018 to vandalism at various locations.

Mr Igo Weli, the General Manager in charge of External Relations of the Shell Petroleum Development Company (SPDC), disclosed this at a workshop in Lagos.

According to him, government efforts to curb pipeline vandalism will help save lives, protect the environment and secure communities.

He said spill rate of sabotage has risen since 2017 to 111 in 2018, up from 62 recorded in 2017. While crude oil theft from SPDC Joint Venture’s pipeline in 2018 was around 11,000 barrels per day. An increase of 20 percent from 2017.

“The number of sabotage-related spills increased in 2018 to one hundred and eleven, compared to the 62 recorded in 2017 and, since 2012, SPDC has removed more than 1,600 illegal theft points,” Weli stated.

Weli said the company’s total loss using 11,000 barrels per day hit 4.015 million barrels in 2018. However, with crude oil price averaging $64.9 barrel a day in 2018, that amounted to $260.5734 million loss.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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