Thursday, October 27, 2011

Shell: Nigeria Oil, Gas Output Declines For First Time In 2 Years

LONDON -(Dow Jones)- Oil and gas production from the Nigerian joint venture led by Royal Dutch Shell PLC (RDSB) has shown a year-on-year decline for the first time in two years, according to third-quarter data published by the company Thursday.

Third quarter oil and gas production from the Shell Petroleum and Development Co. of Nigeria fell to 281,000 barrels of oil equivalent a day, compared with 291,000 barrels of oil equivalent a day a year earlier, the first such decline in two years.

This signals a reversal of an encouraging trend of diminishing attacks on oil infrastructure in the troubled Niger Delta. SPDC has been forced to shut down several major fields in recent months after damage resulting from attacks on oil pipelines.

Such attacks are often related to militant activity in the Delta region or attempts to steal oil from pipelines.

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