JANUARY 13, 2012 BY AGENCY REPORTER

The Federal Government on Friday invited the
leadership of the Petroleum and Natural Gas Senior
Staff Association of Nigeria to a crucial meeting
slated for 2pm on Saturday, to avert the planned
shutdown of oil production and exports.



PENGASSAN President, Babatunde Ogun, had on Thursday announced that the union had begun the gradual shutdown of oil production across the country. He said this would culminate in a total
shutdown of all oil facilities by midnight on Sunday.


The Federal Government and organised Labour are expected to meet at 5pm on Saturday to find a final solution to the public disquiet over the removal of fuel subsidy.


The union’s threat is meant to bolster efforts to force government to revert the pump price of petrol from N141 to N65.


The threat has stirred some measure of disquiet worldwide, as an authoritative American website, slate.com, reported on Thursday that a shutdown would cut down 630,000 barrels of Nigerian crude
from the American economy.


Brent crude futures dropped in volatile trade on
Friday as the euro fell amid ongoing worries about the euro zone, although the threat of supply disruptions in Nigeria lent some support to prices. By 1334 GMT, Brent crude futures were 22 cents lower at $111.04 a barrel, reversing earlier gains after hitting an intra day high of $112.50, Reuters
reports.


Analysts are eyeing the negotiations between the Nigerian government and oil unions for a
compromise after talks came to a standstill, with protests due to continue after the weekend. “The main risk heading into the weekend is Nigeria, where discussions are ongoing between the government and the unions on the fuel subsidies,”


Olivier Jakob from Petromatrix said. Nigeria produces more than two million barrels of
crude oil per day and is a key supplier to the United
States, Europe and Asia. Goldman Sachs oil analysts said in a note on the
commodities sector outlook that they view
“substantially greater” upside risks to oil “given the
stronger fundamentals and recent events
surrounding Iran and Nigeria.”

More details later

uncle jona sef na coward

this people should have even started b4 nlc
now the govt can 'pander' to the people abi?

my fear is that the guys may be bought by the FG thereby making it difficult for us to achieve the status quo prior to Jan 1

Even if Fg buy PENGASSAN, ND boys knows more about the shuttin down than PENGANSSAN. It wont take them more than 3hrs compare to PENGASSAN'S 2-3days.

#65 or Nothing !

Parisgoodman:

Even if Fg buy PENGASSAN, ND boys knows more about the shuttin down than PENGANSSAN. It wont take them more than 3hrs compare to PENGASSAN'S 2-3days.

omg. I wan laffff oooooo

Parisgoodman:

Even if Fg buy PENGASSAN, ND boys knows more about the shuttin down than PENGANSSAN. It wont take them more than 3hrs compare to PENGASSAN'S 2-3days.

ESD takes only 1 second my friend, faster than the ND boys can offer. PENGASSAN leaders can be bought but their followership can revolt, it is worse when you don't have leaders leading a protest.

igbonla:

ESD takes only 1 second my friend, faster than the ND boys can offer. PENGASSAN leaders can be bought but their followership can revolt, it is worse when you don't have leaders leading a protest.

lol, pls don't shut down on ESD oo, some wells may never come back again oo. PENGASSAN would do controlled shutdown, that would minimize back pressure on reservoirs and also depressurized surface lines for safety. Remember, there is life after strike.

they should even shut down Nigeria sef me no kia.

WTF? one man holding us to ransome