Vanguard (Lagos)
1 June 2007
Hector Igbikiowubo
IN yet another twist to the unfolding scenario in the Niger Delta, Kedere youths in Ogoniland have shut the valve on the Bomu manifold located on the Trans-Niger pipeline, effectively shutting-in 150,000 barrels per day of crude oil output from the Shell Petroleum Development Company operated joint venture.
This caused oil prices to rebound slightly after falling sharply the previous day.
Shell announced Wednesday that 150,000 bpd of crude oil production has been locked in at its Bonny Light terminal in Nigeria after pipelines were sabotaged.
While explaining the development a company spokesman, who did not want his name in print, explained that negotiations were currently ongoing to get the youths to open up the manifold to allow free flow of crude oil from the wells.
“Although we do not have any response from the youths yet, we believe that before the close of business activities today, we will have cause to cheer,” he said.
The shut in volume effectively brings the total shut-in volume in the country to about 850,000 barrels per day.
Militant attacks in the region have cut peak Nigerian crude production by around 25 percent for more than a year.
The attack comes the day after the new Nigerian President Umaru Yar’Adua found militants receptive to his conciliatory inauguration speech, raising hopes of increased stability in the crude-rich Niger Delta Region.
Feelers from the creeks indicates that the militants may have decided to give Yar’Adua measured respite. Perhaps this disposition informed the release of the four American hostages on Wednesday by the Niger Delta Frontier Force (NDFF).
At 10:43 a.m. in London, benchmark Brent crude contracts for July delivery were up 42 cents at US$68.55 per barrel.
Meanwhile, New York crude contracts for July delivery were up 54 cents at US$63.68 a barrel.
http://allafrica.com/stories/200706010001.html
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