Martin Ayankola, Lagos – 23.04.2007
There are strong indications that Shell Petroleum Development Company of Nigeria would reopen its Forcados oil fields shut in the wake of violent attacks by miltants in the Niger Delta by June.
Traders suggested in the international oil market that they have received news that the fields with a production capacity of about 380,000 barrels per day would come on stream by the end of May or June.
Shell had been the worst hit by the violent activities of the Niger Delta militants with losses of over 500,000 barrels of daily production to the crisis, which had heightened since February last year.
A report suggested that the fields may start coming on steam gradually from the end of April.
The attacks in February 2006 wiped out 477,000 barrels a day of Shell-operated output.
Shell companies in Nigeria are the biggest players in the Nigerian oil industry with them being responsible for the production of about 50 percent of Nigeria’s daily production.
Nigeria already had the capability of producing three milion barrels per day, though it currently produces a bit above two million barrels per day because of the shut fields and OPEC’s quota limitations.
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