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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (22668)	5/18/2003 9:29:12 PM
From: Tomas	Respond to of 206281

Oil theft hits Nigeria Upstream, May 16 The mounting volumes of Nigeria's premium crude oil stolen by well-organised criminal gangs could curtail investment in the country's coastal regions, a senior Shell official said today. Samuel Inyang, Shell's production manager in its south-eastern Nigeria operation, told Reuters syndicates using barges and ocean-going vessels were now syphoning off up to 20% of Shell output in the region. The growth in oil theft, or "bunkering", adds to ethnic and community unrest in the western half of Nigeria's oil-rich Niger Delta, he claimed. "Over a short period of time we've gone from losing 20,000 bpd to 90,000 bpd in the eastern region alone," Inyang said of the theft. "I imagine if it goes on the volumes will get to a level where it won't be possible to do business," Inyang said. "No one is going to make money losing 20% of production."