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Seplat Sees No Oil Theft in Nigeria, Where Shell Lost $1 Billion

Extracts from a Bloomberg article by

Screen Shot 2014-02-10 at 16.29.29Seplat Petroleum Development Co., the Nigerian oil producer raising $500 million from investors, said it had “absolutely no” theft in Nigeria, where Royal Dutch Shell Plc lost almost $1 billion due to sabotage in 2013. Seplat in July 2010 bought three licenses from Shell onshore Niger Delta, which had been idled for about 18 months, and is bidding for stakes in two more, said Chairman A.B.C. Orjiako. The company developed the “Seplat model” of engagement with communities by hiring locals to provide services and oilfield security, he said. “We haven’t employed the thieves and criminals, but we made things difficult for them to operate in the area,” Orjiako said in a phone interview March 11. “Today we are very happy to see that Seplat has absolutely no incidents or disruptions due to community unrest.”

FULL ARTICLE

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