Shell’s subsidiary in Nigeria says the oil giant is losing 10,000 barrels of oil a day to thieves in the West African nation – at a cost of $560,000 (£452,000) a day.
The losses by vandals attacking oil pipelines in the southern Niger Delta are equivalent to $204.4m over a year.
The announcement was made by Igo Weli, general manager of the Shell Petroleum Development Company of Nigeria (SPDC), which is a joint venture between Shell and the Nigerian government.
“These attacks were on critical assets that produce the crude oil, which accounts for over 90% of Nigeria’s foreign exchange earnings and the bulk of government revenue,” Mr Weli is quoted as telling a workshop on pipeline vandalism in the oil city of Port Harcourt on Monday.
Since 2012 he said the company had discovered and removed 1,160 points where thieves were stealing the oil.
But this did not seem to be stemming the problem as 9,000 barrels a day were being stolen in 2017, 11,000 last year and 10,000 this year.