Shell Petroleum Development Company of Nigeria (SPDC) said it lost 13.5 million barrels of crude oil from its joint venture to theft in 2014 while another 40.2 million barrels were lost due to shut in production.
The total amount of crude oil lost to both theft and shut in production came up to about 53.5 million barrels in 2014 which amounted to about $2.4 billion by current price in the international market.
Afohron Sekobe, Head of Right of Way Management, made the disclosure in Yenagoa on Monday at a seminar for practising journalists titled, ‘Effects of Pipeline Vandalism, Crude Oil Theft and Encroachment Issues’.
He explained that due to the continued acts of pipeline vandalism, SPDC has replaced a total of 900 kilometers of pipelines in the Niger Delta region and also 64 percent of identified spill sites were remediated and certified in 2014.
Precious Okolobo, manager, Media Relations, said SPDC will continue to operate under high safety standards while urging other stakeholders to be up and doing.