Nigerian producer says it experienced 'absolutely no' theft

LAGOS, Nigeria (Bloomberg) -- Seplat Petroleum Development Co., the Nigerian oil producer raising $500 million from investors, said it had “absolutely no” theft in Nigeria, where Royal Dutch Shell Plc lost almost $1 billion due to sabotage in 2013. Seplat in July 2010 bought three licenses from Shell onshore Niger Delta, which had been idled for about 18 months, and is bidding for stakes in two more, said Chairman A.B.C. Orjiako. The company developed the “Seplat model” of engagement with communities by hiring locals to provide services and oilfield security, he said.