- Royal Dutch Shell (RDS.A, RDS.B) says theft of crude oil from the pipeline network of its Nigerian subsidiary fell to 25K bbl/day in 2015, ~32% below 2014 levels.
- Nigerian Pres. Buhari has said theft siphons as much as 250K bbl/day of crude out of the country's ~2M bbl/day of production and last week promised to crack down on groups responsible for pipeline attacks.
- Still, sabotage-related spills remain a serious problem for the country; Shell has a force majeure in place on Forcados crude oil exports following an attack on a subsea pipeline in February, while Eni (NYSE:E) reportedly declared force majeure on Brass River exports late last week.
- Now read "Inside Shell, there is a £24 company trying to get out" - Morgan Stanley