Shell to sell Nigerian oil fields
Oil giant Royal Dutch Shell is putting some of its oil field assets in Nigeria, valued at up to five billion US dollars, up for sale. The decision comes as Nigeria prepares to hand greater control to domestic firms next month.
Shell is the biggest Western oil firm in Nigeria but has been struggling for years to maintain production levels in Nigeria amid widespread sabotage, theft and piracy. However, the company is believed to be keen to keep the bulk of its operations in Nigeria and is not selling any of its offshore interests, which are less vulnerable to rebel attacks and piracy.
Meanwhile, a faction of the Movement for the Emancipation of the Niger Delta said it attacked an oil pipeline on Saturday, 19 December 2009, in the Niger Delta. The move puts a two-month ceasefire at risk.
Article published courtesy of Panos London