Business in Ghana

We Understand the issues that make the News

Posts Tagged ‘Stolen Oil’

We Have To Track Down The Oil Thieves

Posted by Business in Ghana on July 23, 2012

By Patrick Dele Cole

It seems the Nigerian government is finally waking up to the financial impactillegal theft and sale of crude oil is having on our nation, as well as on the oil-producing Niger delta region.

Last month the minister of finance said she believes up to 17 per cent of the country’s production was lost in April. This means we could be losing up to 400,000 b/d.

About $9bn of revenue, equivalent to almost a third of the federal budget, is thus under the control of a criminal cartel with tentacles that stretch from the Niger delta, through the armed forces into the heart of organised crime and out into the rest of the world. Read the rest of this entry »

Advertisements

Posted in Oil and Gas, Uncategorized | Tagged: , , , | 1 Comment »