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Shell Looks to Sell Nigerian Pipeline

Royal Dutch Shell RDSB.LN +0.55% Royal Dutch Shell PLC B U.K.: London GBp 2277.00 +12.50 +0.55% Oct. 30, 2013 4:35 pm Volume : 4.93M U.K.: London GBp 2142.50 -134.50 -5.91% Nov. 15, 2012 4:37 pm Volume : P/E Ratio 9.45 Market Cap GBp140.15 Billion Dividend Yield 5.04% Rev. per Employee GBp3,340,510 10/30/13 Shell Seeks to Exit Violent Pa… 10/22/13 Chinese Hunt for Oil in Brazil… 10/20/13 Shell’s Pennsylvania Plans Rem… More quote details and news » RDSB.LN in Your Value Your Change Short position PLC is trying to exit an oil-rich but violent part of Nigeria, say people briefed on the company’s plans to sell a leak-prone pipeline and several oil wells there. In recent weeks, the Anglo-Dutch energy giant has had early talks with Nigeria-based companies over selling them four oil-production blocks and a major pipeline in the southern Niger Delta, say two people with knowledge of the […]

Posted On : Published By : Tom Whipple
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Nigeria: Warning Shots From the Niger Delta

Perhaps it was a “minor fire incident” that happened at a unit of the Warri Refining and Petrochemical Company last Tuesday. The refinery’s authorities promptly promised to investigate the exact cause of the fire, but they are yet to make their findings available, 10 days after. Terrorist group MEND (Movement for the Emancipation of the Niger Delta), on the other hand, claimed it was responsible for the “sabotage” a few hours after the fire. The group’s spokesman “Jomo Gbomo” said it was targeting the nation’s oil and gas industry to protest President Jonathan’s reliance on “an unsustainable and fraudulent Niger Delta amnesty programme” for peace and security in the region. About the same time, a sister of a presidential adviser linked to the amnesty programme, Mr Oronto Douglas, was in the grip of kidnappers. Two Americans also got kidnapped off the coast of Bayelsa State. As these events signify, […]

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Pirates Abduct Two Americans on Oil Ship Off Nigerian Coast

Pirates attacked an American-flagged oil industry vessel off the Nigerian coast early Thursday and abducted the captain and the chief engineer, both United States citizens, the Nigerian Navy and a private security firm reported. The abductions appeared to be the first involving American hostages in that region in at least two years. An official of the private security firm, AKE Group, of Hereford, England, said the attack on the vessel, identified as the C-Retriever, took place near the Nigerian city of Brass, where the oil-rich Niger Delta empties into the Gulf of Guinea, in West Africa. The official, based in AKE Group’s office in Lagos, Nigeria, spoke on the condition of anonymity. “All we know is this attack happened, and these were the people who were kidnapped,” the official said by telephone. He said he did not know the identities of the two hostages. A spokesman for the Nigerian […]

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Nigeria: Warri Refinery Explosion – MEND Died in 2009 – Ex-Militant Leaders

Photo: AkwaIbom.com Port Harcourt — REPENTANT militant leaders in the Niger Delta, under the auspices of Leadership, Peace and Cultural Development Initiative, LPCDI, yesterday, said the Movement for the Emancipation of the Niger Delta, MEND, died in 2009 and added that any claim or threat from a faceless group claiming to be MEND should, henceforth, be ignored by Nigerians. Denouncing the claim by MEND that it was responsible for Tuesday’s explosion at the Warri Refining and Petrochemical Company, WRPC, Warri, Delta State, the ex-militant leaders, in a statement by LPCDI president, Pastor Reuben Wilson, said: “MEND ceased to exist from the day we accepted the amnesty offer of the Federal Government. Nigerians should henceforth disregard any claim or threat by MEND because the group died in 2009.” According to him, the acclaimed spokesman of MEND, Jomo Gbomo, never existed. “We make bold to say that there is no organisation […]

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Nigeria's Power Generation Declines to 10-Month Low, Says Presidential Task Force

Nigeria’s electricity generation capacity has declined from the peak generation level of about 4,517.6 mega watts (MW) recorded last December, 2012 to about 3,781.80 MW in October, according to the power generation fact sheet of the Presidential Task Force on Power as at October 20. The electricity generation report showed that though the country’s peak demand level forecast was 12,800 MW of electricity, energy generation capacity stood at about 3,559.46 MW hour per hour (MWH/H), while actual electricity sent out into the national grid was 3,487.85 MWH/H. The Chairman, Technical Committee of the National Council on Privatisation, NCP, Atedo Peterside, said at the handing over of the newly privatized successor companies of the Power Holding Company of Nigeria, PHCN, to their new owners that the nine former PHCN generation companies (including Omotosho and Olorunsogo) only had available capacity of 2,692 MW as at September 10, as against a total […]

Posted On : Published By : Tom Whipple
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Nigeria’s Power Generation Declines to 10-Month Low, Says Presidential Task Force

Nigeria’s electricity generation capacity has declined from the peak generation level of about 4,517.6 mega watts (MW) recorded last December, 2012 to about 3,781.80 MW in October, according to the power generation fact sheet of the Presidential Task Force on Power as at October 20. The electricity generation report showed that though the country’s peak demand level forecast was 12,800 MW of electricity, energy generation capacity stood at about 3,559.46 MW hour per hour (MWH/H), while actual electricity sent out into the national grid was 3,487.85 MWH/H. The Chairman, Technical Committee of the National Council on Privatisation, NCP, Atedo Peterside, said at the handing over of the newly privatized successor companies of the Power Holding Company of Nigeria, PHCN, to their new owners that the nine former PHCN generation companies (including Omotosho and Olorunsogo) only had available capacity of 2,692 MW as at September 10, as against a total […]

Posted On : Published By : Tom Whipple
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Nigeria’s booming oil theft racket costs $1B a month

PORT HARCOURT, Nigeria, Oct. 18 (UPI) — Royal Dutch Shell is selling off four of its onshore Nigerian oil blocks because of the constant theft of large volumes oil from its pipelines, officials said. The move highlights the West African state’s growing battle with criminal syndicates that are stealing an average of 100,000 barrels of crude a day. That costs the continent’s second largest economy after South Africa up to $1 billion a month, a criminal enterprise on an industrial scale that officials say rivals the narcotics trade as the world’s most lucrative crime. Oil industry officials and community workers say this massive theft of Nigeria’s key resource involves crooked politicians, security forces, oil industry personnel and oil traders. There are also militant groups operating in the oil-rich but impoverished Niger Delta, a labyrinth of swamps and creeks that provide cover for the complex network of crime. “There’s a […]

Posted On : Published By : Tom Whipple
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Nigeria's booming oil theft racket costs $1B a month

PORT HARCOURT, Nigeria, Oct. 18 (UPI) — Royal Dutch Shell is selling off four of its onshore Nigerian oil blocks because of the constant theft of large volumes oil from its pipelines, officials said. The move highlights the West African state’s growing battle with criminal syndicates that are stealing an average of 100,000 barrels of crude a day. That costs the continent’s second largest economy after South Africa up to $1 billion a month, a criminal enterprise on an industrial scale that officials say rivals the narcotics trade as the world’s most lucrative crime. Oil industry officials and community workers say this massive theft of Nigeria’s key resource involves crooked politicians, security forces, oil industry personnel and oil traders. There are also militant groups operating in the oil-rich but impoverished Niger Delta, a labyrinth of swamps and creeks that provide cover for the complex network of crime. “There’s a […]

Posted On : Published By : Tom Whipple