Video Related To: Nigeria: Shell Stops 150,000 Barrels Export Over Crude Theft Fire

BY DAVID EARL It's the case of the oil capers. Royal Dutch Shell says it's seen a rash of thefts from its oil pipelines in one of Africa's oil-rich countries. Africasia has the headline. "Oil companies in Nigeria are battling against rising theft costing an estimated 150000 barrels of crude a day." Sounds like a lot of crude, right? Fox Business puts it in perspective. "With Nigeria's daily output currently estimated at 2.4 million barrels, the shadow bunkering industry would account for one out of every sixteen barrels of oil the country drills." Pirates, and what reports have labeled, "a mafia-like network" of organized crime are being blamed for siphoning off Shell's oil supply. Businessweek says Shell is getting particularly peeved, especially when ... "Nigeria could produce as much as 4 million barrels of oil a day, but production remains held back by chronic problems." In fact-- oil has long been a source of political tension in Nigeria. Earlier this year — protests erupted after President Goodluck Jonathan announced the end of consumer fuel subsidies, which meant the price of fuel doubled for most Nigerians. Since then, there's been a partial rollback of those price hikes. Now— the Nigerian government is looking at new proposals to reform its petroleum sector. But is it enough for oil companies working in the area. Energy sector publication Platts reports... "Uncertainty over the Petroleum Investment Bill, Nigeria's long-delayed reform plan, has put billions of <b>...</b>