Oil theft is costing the nation, a whooping N5 billion loss every year.
This was revealed by the Managing Director of Shell Petroleum Development Company Nigeria PLC, Mr Mutiu Sumonu, who addressed a public hearing on the upsurge of illegal oil bunkering activities in Nigeria’s coastal region.
The Shell boss told the hearing organised by the House of Representatives Joint Committee on Petroleum Resources (Upstream) and Navy, that Nigeria loses approximately 150,000 barrels of oil to illegal oil bunkering daily, while the company lost 100 barrels daily between 2003 and 2004.
He adds that the activities of oil thieves have shifted from pilfering to a higher dimension.
Mr Sumonu believes all those involved in the oil sector must display the political will to fight illegal oil bunkering.
He described illegal oil bunkering as a highly syndicated operation that involved oil company workers.
The Speaker of the House of Representatives, Alhaji Aminu Tambuwal, however assured Nigerians that the National Assembly would continue to support the committee in checking illegal oil bunkering.