Nigeria militants warn oil companies, investors to stay away

Companies and investors in Nigeria's hydrocarbons industry must stay away from the country's oil-rich Delta region until the current conflicts there are resolved, militants reiterated this week.

By MARKETWATCH
October 4, 2006 08:05
1 minute read.

 
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MarketWatch: In-depth global business coverage Companies and investors in Nigeria's hydrocarbons industry must stay away from the country's oil-rich Delta region until the current conflicts there are resolved, militants reiterated this week. A member of the coalition of militia groups in the area gave the warning following an attack on government troops which army officials say killed five soldiers, with seven missing. Investors in "the stolen wealth of the Niger Delta should brace up for terrible times which will come upon them very suddenly," Jomo Gbomo, spokesman for the Movement for the Emancipation of the Niger Delta, or MEND, said in an e-mailed statement after the attack. "Oil companies and those wishing to invest in the Delta must be warned that there has been no progress in the resolution of the Niger Delta dispute" because the Nigerian government hasn't met its demands. Gbomo, whose name is believed to be a pseudonym for a militia leader, said MEND militants weren't responsible for the attack but supported it. It appears the soldiers attacked were escorting a waterborne logistics convoy belonging to the Shell Petroleum Development Co. of Nigeria, a Royal Dutch Shell PLC-led joint venture. It was a routine trip to supply diesel and other materials to an oil field located at Awoba, a spokesman for the company said. The militants have been fighting for a greater control of oil and gas resources in the Niger Delta, as well as seeking compensation for environmental degradation. The attack was the first by the militants since August 20, when government troops killed nine militants. Nigeria claims to have 872,000 barrels a day of crude production unavailable as a result of attacks and pipeline vandalism, a figure far higher than the estimated 600,000 barrels per day supplied by the companies working there. MarketWatch: In-depth global business coverage

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