The Cost Of Nigeria's Oil War

A fighter of the Movement for the Emancipation of the Niger Delta (MEND) holds his weapons at the militia's creek camp in the Niger Delta in 2008. Nigeria has lost some 47 billion dollars in revenue from oil firm Shell since 2006 due to cuts in output caused by rebel attacks, the firm's boss in the country said Tuesday. (AFP/File/Pius Utomi Ekpei)

Rebel Oil Attacks Cost Nigeria Billions: Shell -- Yahoo News/AFP

ABUJA (AFP) – Nigeria has lost some 47 billion dollars in revenue from oil firm Shell since 2006 due to cuts in output caused by rebel attacks, the firm's boss in the country said Tuesday.

"The government of this country has lost some 47 billion dollars in revenue since 2006 as a result of production shut-in by SPDC (Shell Petroleum Development Company) alone," Mutiu Sunmonu told a parliamentary meeting on a proposed oil law.

"We presently produce less than 30 percent of our capacity," Sunmonu said, without giving further details.

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My Comment: The rebels vowed to take a bite out of the oil trade in Nigeria last year .... the Nigerian Government scoffed at them and called their goal ridiculous.

A year later, it is obvious that the Nigerian rebels have been successful in reaching their claim that they will control the oil fields.

A $47 billion dollar loss .... this is peanuts when compared to what the rebels can really do .... like blowing up oil platforms and sinking tankers.