By Elisha Bala-Gbogbo (Bloomberg) -- When it comes to the future of its oil industry, Nigeria is looking miles out to sea. By early next year, the largest offshore production vessel ever delivered to Nigeria will start pumping crude from a deposit deep beneath the seabed, boosting the West African country’s oil output by about 10 percent. The project, viewed as the … [Read more...]
Nigerian Pirates Kidnap 12 From Swiss Bulker
by Michael Shields (Reuters) - Pirates kidnapped 12 crew members from a Swiss merchant vessel on Saturday in Nigerian waters, the ship’s operator said in a statement. Kidnapping for ransom is a common problem in parts of Nigeria. A number of foreigners have been kidnapped in the last few years in the southern Niger Delta region, source of most of the crude oil which is … [Read more...]
30,000 Tons Of Cocoa Stuck On Lagos Port Roads
At least 30,000 metric tons of cocoa are trapped on their way to ports in Nigeria’s main city of Lagos as roads in a state of disrepair delay access to ships, the cocoa exporters body said. Travel to the Apapa and Tin Can Island ports that previously took hours, now takes as much as four weeks as trucks struggle through cratered and water-logged roads to get there, Pius … [Read more...]
Shell Says Nigeria Attacks Persist Even as Oil Output Recovers
By Elisha Bala-Gbogbo (Bloomberg) -- Nigeria’s oil wells may be flowing again, but the country’s largest operator says attacks continue to put a brake on output. “Security in parts of the Niger delta remains a major concern with persisting incidents of criminality, kidnapping and vandalism as well as onshore and offshore piracy,” said Igo Weli, general manager for external … [Read more...]
Don’t Neglect to Pay the Middleman: How Shell and Eni Ended Up On Trial
By Libby George and Shadia Nasralla LONDON, May 21 (Reuters) - Seven years ago, two middlemen launched civil lawsuits to seek payment for helping arrange a $1.3 billion oil deal in Nigeria. Now, nine current and former executives or contractors from Italy's Eni and British-Dutch giant Royal Dutch Shell , including ENI Chief Executive Claudio Descalzi, have been accused … [Read more...]