Business
Oil Theft Gulps N1.9trn In July – Report
Crude oil theft in July 2023 is estimated to have cost Nigeria about N1.9trillion.
According to The Tide’s source, the estimation followed a pronouncement by the National Security Adviser, Nuhu Ribadu, last week, after he led a presidential delegation to inspect oil and gas facilities at Owaza in Abia and Rivers State.
After the inspection, Ribadu stated that Nigeria was losing 400,000 barrels of crude oil daily due to activities of oil thieves and pipeline vandals.
Noting that Nigeria has the capacity to produce 2 million barrels of crude oil daily, he said “It is unfortunate that few individuals would steal our common resources, and in the process cause unbelievable loss to the nation, communities and the people.
“Nigeria has the capacity to produce two million barrels of crude daily, but we are currently producing less than 1.6 million barrels due to theft and vandalisation of pipelines.
“So, we’re talking about 400,000 barrels of crude oil going to waste, with few criminals and economic saboteurs not even getting much out of it”.
The source’s check on available data in the August report of the Organization of the Petroleum Exporting Countries (OPEC) showed that the Nigeria’s July crude oil production, as provided by direct sources such as the Nigerian National Petroleum Company Limited (NNPCL) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC, was one million barrels per day.
According to the OPEC August report, Nigeria’s crude grade, Bonny Light, against which all other crude grades produced by the country were priced, was sold for $80 per barrel in July. The exchange rate against the dollar was also at N777/$1 in July.
This, by the source’s estimation, brings total revenue loss to crude oil theft to N1.9tn in July alone.
According to a Professor of Economist at the Olabisi Onabanjo University, Sheriffdeen Tella, if Nigeria does not improve on its crude oil production, the economic outlook for this year would remain bleak.
“The global outlook for oil and gas for 2023 will not be much different from that of last year.
“For Nigeria, it may remain gloomy in terms of revenue unless we are able to improve on production and sustain it, prevent revenue leakages, crude oil thefts and seek new markets for oil and gas”, Tella said.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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