Several Oil Producers Shut Down in Nigeria
By Shawn Humphrey | Yahoo! Contributor Network – 11 hrs ago
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Energy companies are shutting down pipelines and selling their assets in Nigeria, according to new reports released on Sunday and Monday.
Exxon shut down its pipeline following an offshore oil leak, Reuters reported, while Shell closed its pipeline on Oct. 31 following oil theft, according to a separate Reuters report on Sunday.
Meanwhile, Total's chief executive didn't deny that his firm would sell $2.4 billion worth of its Nigerian assets to China's Sinopec, as reported by Reuters on Monday.
Here's the details of the changes to the Nigerian oil business.
Total leaving Nigeria
Christophe de Margerie, who didn't specifically name Sinopec or any other potential buyers, didn't deny the Bloomberg report. He also didn't specify the value of the sale. The French company intends to sell between $15 and $20 billion worth of assets in the time leading up to 2014.
Total has stopped oil and gas production on an onshore block, where it was losing 90,000 bpd of oil equivalent.
Exxon Nigeria has rare offshore spill
The worst flooding in 50 years for Nigeria has caused disruptions for oil producers Shell and Eni, while Exxon has had to shut down a pipeline off the coast of Akwa Ibom state. The leak was started by an unknown cause. However, the company said that "The source of the leak was identified and the pipeline was isolated and shutdown."
In statement issued on Sunday, the group stated the spill had taken place on Nov. 9.
Shell defers 25,000 barrels per day of production
Flooding has forced Nigeria's Imo River pipeline to be shut down, causing Shell to declare force majeure. The declaration means the firm will not be keeping to their contract agreements for reasons it can't help.
The firm issued an email statement saying that they had "shut down the Imo River Trunkline in its eastern operations after it found several crude theft points on the facility."
This isn't the first spill for the firm this year. It's already seen 26 spills in the Imo River, with up to 3,000 barrels of oil lost. Oil spills often occur in Nigeria, adding up to what oil firms declare to be 150,000 barrels per day. Such spills are usually caused by aging infrastructure and oil gangs that steal directly from pipeline.
http://news.yahoo.com/several-oil-producers-shut-down-nigeria-181200566.html

I WEEP FOR THIS GIANT PRAYING SHE DOESN'T END UP A DWARF

DEAR GOD, PLEASE HELP MY MOTHERLAND TO HELP HERSELF!!!

They are getting out before 2015

The Europeans are leaving, now we are being colonized again by Asians(China and India) economically. Sad sad.

^^^
Why cant some of our indigenous companies like OandO by out these companies.

who's to say they're not?
are you willing to believe this brief article gave you all the facts of life?

Leaving before 2015, besides i don't believe our oil deposits are as rich as we like to believe. Nobody know nigeria true amount of deposits or de amount still left. All this rubbish that we still have enough deposits to last us another another 35yrs at current rate of production sounds like a hoax to me. Just my 2 kobo.

Chinese are taking over Africa and they are the worst. Go to China and see how they treat their own people? Africa wake up do not be fooled by their money!!!