Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg - Politics - Nairaland
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Blackouts, Violence And Now Recession: Nigeria’s Troubles Mount - Bloomberg / Nigeria’s Oil Output Rises To 1.6mbpd / Jonathan Goes On Exile In Cote D’Ivoire, Militants Move To Shutdown Oil Output (2) (3) (4)
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| Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by LordVarys: 8:02pm On May 06, 2016 |
Nigeria is suffering a worsening bout of oil disruption that has pushed production to the lowest in 20 years, as attacks against facilities in the energy-rich but impoverished nation increase in number and audacity. Chevron Corp. shut down about 90,000 barrels a day of output following an attack on a joint-venture offshore platform that serves as a gathering point for production from several fields. Even before that strike on Wednesday night, Nigerian oil production had fallen below 1.7 million barrels a day for the first time since 1994, according to data compiled by Bloomberg. “This is some very, very sophisticated brazen attack,” said Dolapo Oni, the Lagos-based head of energy research at Ecobank Transnational Inc. “It is a resurgence of militancy. These guys don’t seem to be after money. They just want to frustrate the government.” The fresh round of attacks come after President Muhammadu Buhari vowed to stamp out corruption and oil theft. They echo a campaign waged by the self-proclaimed Movement for the Emancipation of the Niger Delta between 2006 and 2009, which cost the Nigerian government billions of dollars of lost oil revenue. That violence abated after thousands of fighters accepted an amnesty from late-President Umaru Musa Yar’Adua and disarmed, in exchange for monthly payments from the government in some cases. Facility Breached Chevron said it shut down its Okan offshore facility after it was “breached by unknown persons” and had sent “resources to respond to a resulting spill.” The U.S company on Friday said that 35,000 barrels a day of its own net production was affected. Okan, which feeds crude and gas into Escravos, one of the country’s largest export facilities, is jointly owned by Chevron, with a 40 percent stake, and state-owned Nigeria National Petroleum Corp., which has the rest, according to NNPC’s website. A group calling itself the Niger Delta Avengers said on its website that it was responsible for the attack. The authenticity of the claim could not be verified by Bloomberg News. The Nigerian government is struggling to contain the economic damage of the slump in energy prices and separate attacks in the north of the country by the Boko Haram Islamist insurgency. The country’s foreign reserves have fallen to less than $27 billion, the lowest since 2005. The International Monetary Fund expects the economy to expand 2.3 percent this year, the weakest growth since 1999. "Lower oil prices have meant that the poorer oil-producing countries don’t have enough money to pay for social services,” said Ehsan Ul-Haq, senior oil analyst at KBC Process Technology Ltd. “Protests are increasing as a result." Force Majeure In February, Royal Dutch Shell Plc declared force majeure -- a legal clause that allows it to stop shipments without breaching contracts -- after an attack on a pipeline feeding the Forcados terminal, which typically exports about 200,000 barrels a day. The International Energy Agency estimated last month that Nigeria could lose an estimated $1 billion in revenue by May, when it expects repairs on Forcados to be completed. The terminal may not restart until June, Nigerian Oil Minister Emmanuel Kachikwu said April 20. Major oil companies like Shell, Chevron, Total SA, Eni SpA and ConocoPhillips, which for five decades dominated the Nigerian oil industry, have been selling onshore and shallow water oil fields in the Niger delta to local companies, concentrating their investments in deep-water fields outside the reach of militants. "If prices remain low, we will see more and more problems including these kind of sabotage attacks," said Ul-Haq. http://www.bloomberg.com/news/articles/2016-05-06/nigerian-oil-output-plunges-to-20-year-low-as-attacks-escalate 5 Likes 1 Share |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by Bassee(m): 8:05pm On May 06, 2016 |
When Buhari came in screaming of how he will crush these boys, those of us who live in the area told him to calm down that these boys don't reason that way, his supporters pushed him ahead with their "A new sheriff in town" rubbish, Now the chicken has come home to roost. Buhari, if you still want Tompolo, you can come and get him. 126 Likes 7 Shares |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by LordVarys: 8:06pm On May 06, 2016 |
9 Likes |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by Eshinwaju: 8:08pm On May 06, 2016 |
Tompolo is most definitely behind this...this animal must be hunted and killed like the fugitive criminal that he is..  6 Likes |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by kossyablaze(m): 8:09pm On May 06, 2016 |
Eshinwaju:How u take know say na him? 55 Likes 1 Share |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by andresia(m): 8:10pm On May 06, 2016 |
[quote author=LordVarys post=45377900][/quote] It seems these economic sabotages gives you pleasure. It's either you are not a Niger Deltan or you are plainly steeewpid not to know there will be grave repercussions 10 Likes 1 Share |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by Eshinwaju: 8:16pm On May 06, 2016 |
kossyablaze: Deductive logical reasoning... ...in proving a crime...a number of factors must be present in order to pin point the offender...they are motive....means....and beneficiary....Tompolo meets all the necessary criteria...we are not fooled...the baastard should come and try lagos and abuja and see whether we will not level his generation and that to come... 7 Likes 1 Share |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by doublewisdom: 8:19pm On May 06, 2016 |
Avengers be warned! Buhari is an ex general and will annihilate you all! GEJ's era of impunity is gone. A new sheriff is in town! ( A beginner's guide to zombism).  116 Likes 5 Shares |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by Nobody: 8:20pm On May 06, 2016 |
Our Homies in the North Constantly bombing us Our Niqqa in the South South constantly bombing our source of income Where would the average Nigerian run too?? 7 Likes 1 Share |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by sunnyb0b0(m): 8:21pm On May 06, 2016 |
"A new sheriff is in town" revised edition - Omenka, Gbawe, Beremx, Passingshot et al, 2015 45 Likes |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by LordVarys: 8:21pm On May 06, 2016 |
andresia: No I don't support economic sabotage but blame the government who foolishly chose to fight on multiple fronts The pipeline protection contracts however flawed they were served their purpose, Ending them led to this. 38 Likes |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by andresia(m): 8:25pm On May 06, 2016 |
LordVarys: are you serious? 'pipeline protection contracts' with thieves served their purpose? which country have you ever seen this type of arrangement? In other words, the country should be held ransom by social misfits. Gosh! 16 Likes |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by kossyablaze(m): 8:28pm On May 06, 2016 |
Eshinwaju:In summary, u r just assuming... Ok o 23 Likes |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by Taribizy(m): 8:28pm On May 06, 2016 |
Booking |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by LordVarys: 8:32pm On May 06, 2016 |
andresia:Misfits all right who kept Nigeria's production stable while they held sway. The reality is that the Nigerian Armed Forces can't protect the thousands of km of pipelines across the Niger Delta. Host communities and "misfits" are in a better position to do so. Nigeria is far from an ideal society, a wise government would have worked with what was currently available. 90 Likes 5 Shares |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by ahaz: 8:39pm On May 06, 2016 |
Eshinwaju:offcourse you will kill tompolo from the comfort of ur bedroom using ur techno phone..u yorubas with ur loud mouth have decieved buhari, u better readvice him o 115 Likes 9 Shares |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by kcnwaigbo: 8:50pm On May 06, 2016 |
Buhari cancelled the pipelines and the militants kept calm.He should have stopped at that.He stupidly went after Tompolo again emboldened by zombies who were hailing him on.The result is this. 71 Likes 7 Shares |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by Eshinwaju: 8:50pm On May 06, 2016 |
ahaz: What is this one saying  ...if you have nothing to contribute other than the Rubbish you spilt out then you are welcome to keep your mouth shut.... ....or in this case...stay off the keyboards..7 Likes |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by vanunu: 8:51pm On May 06, 2016 |
andresia: You don't get it, do u really call nigeria a country? 22 Likes 1 Share |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by youngeagle(m): 8:53pm On May 06, 2016 |
All thanks to our new sheriff who specialize in destruction. 35 Likes 2 Shares |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by Presbulg(m): 9:00pm On May 06, 2016 |
Awon werey |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by Stalwert: 9:13pm On May 06, 2016 |
andresia: You don finish the guy oti pari how anyone defend criminals beats me. ... govt would have used the money and share directly to the villagers in such community than rewarding greedy fools who are treacherous. 3 Likes |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by Okanokan(m): 9:15pm On May 06, 2016 |
Eshinwaju: Deductive Logical Reasoning does not neccessarilly prove the end, that Tompolo carried out the attack. People are seething with anger and frustration all around the country who could carry out such act, and Mr President assumed office with a STRONGMAN STRONG-ARM MENTALITY with the sole purpose of crushing all opposition. Similarly, he has recently confessed that fighting corruption is tedious which means there may likely be no CONVICTION throughout his tenure. In modern times, using 1984 Model to fight corruption will not work in technological driven era. Mr President just have to change his style and policy template if Nigerians must sympathise and appreciate him. 20 Likes |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by CyberWolf: 9:21pm On May 06, 2016 |
Eshinwaju:see them blowing hot air 24 Likes |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by Eshinwaju: 11:37pm On May 06, 2016 |
2 Likes 1 Share |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by Frankiss44(m): 11:39pm On May 06, 2016 |
doublewisdom: Hahahahahahaha.. Nairalanders ona nor go fit kill me with laugh I swear 19 Likes 1 Share |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by HisRoyalHardnes(m): 12:01am On May 07, 2016 |
We warned them. They wanted change. Now, we are back to pre '99. 18 Likes |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by Noneroone(m): 12:58am On May 07, 2016 |
doublewisdom:lmao 9 Likes |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by Nobody: 1:03am On May 07, 2016 |
Nawa oh,baba should just negitiate with this guys,you can't fight to battle at a time,but what would it profit d militants to destroy there oil nd land. God save nigeria oh 1 Like |
| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by LordVarys: 9:08am On May 07, 2016 |
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| Re: Nigerian Oil Output Plunges to 20-Year Low as Attacks Mount-Bloomberg by ShinnBet: 9:53am On May 07, 2016 |
All nah Buhari fault 1. He stated that the SS/SE region do "not deserve more than is constitutionally required" from him since they did not vote for him. This is despite the fact that the SS region provide well over 80% of total foreign exchange. 2. The satanic APC that he rode on its back to power did not bother to attend the confab on constitutional reform. 3. He has since stated he will not implement the resolutions of the confab report. 4. He was quick to identify a non existing threat in the Niger Delta by sending a detachment of AirForce helicopters and ground troops to obliterate a peaceful riverine community in the Niger Delta first claiming it was a kidnappers den, a pirates base and also a militant training camp. This is despite the fact that the region had remained relatively peaceful since the amnesty agreement. 5. He has shown total disregard for the wishes of the Niger Delta people by canceling outright gubernatorial and legislative elections in bayelsa, Akwa, Ibom, Delta, Rivers and Cross Rivers. In his daft mind Kano elections where more free and fair with underage voters and high turnouts than any in the Niger Delta. Why then did he not cancel the presidential elections in the Niger delta as well and call for a rerun and see if the ND won't reject him even more. 6. The rerun elections in places like Rivers and Bayelsa showed a desperate attempt to undermine the wishes of the Niger delta people by his lame attempt in installing his stooges which the people rightly rejected. He sent heavy deployment of troops and police alongside his biased nepotic INEC to achieve his goals of subjugating the people but they chased him out. 7. He then created a separate new division of the army to occupy the Niger Delta as if the region was war ravaged like their boko region in the NE. 8. He has shown selective justice in prosecuting alleged corrupt individuals concentrating on past Niger Delta officials in the last adminstration. 9. He continues to show tacit support with his lunatic criminal kinsmen by shielding them from prosecution in the region. 10. He then had the audacity of wanting to carve out grazing reserves for his people in my region. As we can see this man is the architect of his problems . The Niger Delta has even been too patient in my liking with this sectional goat who normally ought to be in the Hague standing trial for crimes of genocide. 76 Likes 11 Shares |
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