Crude Oil: AITEO Loses Four Million Barrels To Thieves

Aiteo Eastern Exploration and Production, operators of OML 29, has bemoaned the loss of about four million barrels of crude valued at $240m at an average price of $60 a barrel to thieves.

Managing Director of the oil firm, Mr Victor Okoronkwo disclosed this at Practical Nigerian Content Exhibition and Conference with the theme, “Leveraging Local Expertise for Market Growth and Expansion’’.

“One of the biggest challenges we face in our operations is the security of our pipelines and oil facilities.

“Our pipelines and flow-lines are constantly vandalized by unscrupulous elements tagged ‘crude oil thieves’ attempting to cause economic sabotage to our company and the people of this great country.

“Despite our efforts in raising NCTL uptime from 60 per cent to over 80 per cent since acquisition, we have recorded more shutdown days in operations due to third party infractions for over two months this year, compared to previous years.

“This has resulted in loss of revenue and deferments estimated at about 4 million barrels so far this year.

“Also worrying is the amount of crude loss recorded even when the pipeline is operational, usually in the range of 25 to 35 per cent.

“More worrisome is that even when the perpetrators of these acts are caught and handed over to security agencies, we are yet to witness any convictions,” Okoronkwo decried.

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