Chevron Says Pipeline Breached In Nigeria
Another reason for oil rices to go up….
June. 21, 2008
WARRI, Nigeria - Chevron Corp. said Saturday that a breached Nigerian pipeline has prompted the company to shut down its onshore oil production.
Nigerian media reported that militants had sabotaged the pipeline in the southern Niger Delta late Thursday. But the region’s most-potent armed group, the Movement for the Emancipation of the Niger Delta, told The Associated Press it was not involved.
U.S.-based Chevron said in a statement Saturday that it shut off its onshore production after the pipeline breach to protect the environment, but gave no firm figures on how much production would be lost. Oil industry officials said the loss would be around 120,000 barrels per day.
The Movement for the Emancipation of the Niger Delta, which is known as MEND, attacked a remote offshore facility run by Royal Dutch Shell on Thursday, underscoring the vulnerability of Africa’s biggest oil producer.
That attack slashed about 200,000 barrels per day of Nigerian crude oil production, adding to the 20 percent of production already shut down by militant attacks.
While bombings on Nigeria’s extensive and virtually unguarded pipeline infrastructure are common, high-seas attacks like Thursday’s are rare and the assault was the furthest-ever offshore incident involving militants.
Militants stepped up their activities in early 2006, with MEND emerging as the region’s best-trained armed gang.
Their campaign of bombings and kidnappings seeks to force Nigeria’s central government to send more oil-industry revenues it controls to the southern region, which is deeply impoverished despite its great natural bounty.
(AP)
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I think this whole Nigerian pipeline problem is just bullshit. they always report attacks on pipelines there and yet we can never confirm it, the prices just go up
June 21st, 2008 at 1:25 pmInstability in the oil-rich thitd world and anywhere else that has to do with oil production drives oil speculators
nuts and drives up prices….much like instabilities in one commodity on the Stock Market drives affects prices on other commidities.
The sooner we get off of foreign oil, the sooner we will be free of the speculation and instability in world markets.
June 21st, 2008 at 1:48 pmMuslims raising the price of oil to America. Drill today, drill now. Stop these muslims from dictating to America.now
June 21st, 2008 at 2:19 pmIt’s all about emotion, if it wasn’t Nigeria, it would be Iran or Venezuela creating a panic. They know what they are doing and they take turns doing it.
June 21st, 2008 at 2:24 pmexactly! they take turns.
June 21st, 2008 at 3:26 pm