FG Investigates a $1.1bn Oil Well Robbery

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Oil Mining Licence 17 has been linked to an illegal oil bunkering operation, and individuals responsible for the oil theft are presently being looked into.

The Nigeria Security and Civil Defence Corps discovered an unauthorized local refinery in Otamiri-Etche, Etche Local Government Area of Rivers State, on Thursday, prompting the need for the investigation.

Heirs Holdings paid Shell Total and Eni $1.1 billion in 2021 for the right to purchase 45% of OML 17.
Seven months after takeover, however, output increased to 40,000 barrels per day.

According to reports, the offenders broke into the Heirs Holding Oil and Gas plant via the pipeline bulk delivery and took crude oil through well built pipes to their unauthorized nearby refinery.

Punch

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