Thursday, 6 June 2013

Over $53bn spent to secure oil facilities in 4 years

An expert in oil industry security, Austin Onuoha has said that over $53billion was spent by operators of the petroleum sector to protect oil facilities and personnel in the Niger Delta region between 2007 and 2011.
Austin Onuoha who gave the figures in Abuja while making a presentation at round table on business and security organised by Global Rights noted however that the huge cost could be drastically reduced if Nigeria embraced the Voluntary Principles on Security and Human Rights.
Voluntary Principles on security and human rights initiative (VPs), which was established in 2000, is a multi-stakeholder initiative involving government, companies and non-governmental organizations that promotes implementation of a set of principles that guide oil, gas and mining companies on providing security for their operations in a manner that respects human rights.
A breakdown of the figures showed that in 2007 about N444b ($3billion); 2008, $23.7billion; 2009, $24billion; and $3billion in 2011. agencies Onouha explained that oil giant, Shell, alone employs about 1200 internal police officers paid wholly by it while it also engages another 1300 armed security forces from regular government security.

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