Oil News

Illegal bunkering

Loss of N3.7tr to illegal bunkering 31 May 2011 Country: Nigeria ILLEGAL bunkering, the act or process of unlawfully supplying a ship with fuel, has become an endemic problem in …

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Theft of oil costs oil companies, governments (and the communities they serve) hundreds of millions of dollars each year in Nigeria alone. In addition to loss of revenue, oil theft fuels violence and insecurity, feeds corruption, finances the purchase of weapons, corrupts youth, escalates youth unemployment, causes environmental pollution and destabilizes communal life.

The concept of oil certification follows the success of the “conflict diamonds” initiative and aims to hit the well-organized theft of oil by choking off the market for the stolen oil and interrupting the supply chain.