Nigerian oil theft “on industrial scale”: production target “unachievable”. : Jeremy Leggett's Triple Crunch Log: "Criminal gangs are stealing anything between 100,000 b/d and 400,000 b/d from wells and pipelines in the Niger Delta, reselling the crude – worth several billion US dollars – to buyers as far afield as Latin America.
The theft – and the sabotage often associated with it – is forcing major oil companies, including ExxonMobil, Royal Dutch Shell, Eni of Italy, Chevron of the US and Total of France, to shut down wells too.
The crime wave adds distance to the official target of lifting Nigerian oil production to 4m b/d by 2020.
Foreign industry executives have long warned that, even in normal circumstances, the objective was ambitious. Now, it appears unachievable."
Tuesday, May 6, 2014
Cheap oil has peaked. Now a mad dash for what is left. Common sense and safety are cast aside. Nigeria oil is being reclaimed by local entrepreneurs. Criminal international oil companies are losing control. No one will gain from this fight. It is time to turn away from cars and free ourselves from this madness.
at 5:43 AM