HP Impact: Stolen Nigerian crude oil and profits laundered around the world
Nigeria lost at least 100,000 bpd of oil, around 5% of total output, in the first quarter of 2013 to theft from its onshore and swamp operations alone, a new Chatham House report estimates. This illic..
Nigeria lost at least 100,000 bpd of oil, around 5% of total output, in the first quarter of 2013 to theft from its onshore and swamp operations alone, a new Chatham House report estimates. This illicit oil is likely to have found ready buyers in West Africa, the US, Europe and several Asian countries.
Stolen Nigerian crude, and the profits from it, are laundered around the world, threatening the integrity of financial markets and the legitimate oil business. Within Nigeria, the world’s 13th largest oil producer (Fig. 1), the practice is tied to political violence, corruption and instability. Despite this, no Nigerian oil thieves have been prosecuted internationally, and knowledge of t
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