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Nigeria: Oil theft costs Shell nearly $1 billion

March 18, 2014 - 6:08am

Royal Dutch Shell P.L.C. said theft and other disruptions to its Nigerian oil and liquefied natural gas operations in 2013 cost the company nearly $1 billion, Reuters reported.

Shell said in a report that some risks associated with operating in Nigeria had worsened.

Simon Henry, Shell's chief financial officer, said "the country's 4 million barrel-a-day target has effectively become actual production of less than 2 (million bpd)."

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