Industry Theft Its Deterrence Through Cost-Effective Prevention Policies

Statistics demonstrate that there is big money in oilfield theft, approximately half a billion dollars yearly. Yet, most operators would be hard pressed to itemize their actual assets or verify ownership of stolen or lost equipment. This paper discusses the lack of internal control prevalent throughout the petroleum industry and identifies, through initiation of company policy and procedures, methods to both minimize oilfield theft and maximize cost-effective loss prevention accountability.