Crude oil theft remains a major source of lost revenue for the Nigerian government and its upstream partners. Since 2008, more than US$100 billion in revenue has been lost through illegal bunkering and outages that occur as a consequence of shutting in damaged pipelines to make repairs. Following his election, President Buhari indicated that plugging the leaks in government revenue is his top priority. But eradicating the problem will not be easy. Policing the extensive network of pipelines in the Niger Delta is very difficult. Also standing in his way will be those profiting from illegal bunkering. He will need to address poverty, the root cause of bunkering, whilst a dogged resolve and the support of Nigerians and the international community will be required if he is to win the war on crude theft.
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Insight | Oct 2015
Reforming Nigeria's oil industry: Buhari's crude theft problem
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