• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 14 hours The Discount Airline Model Is Coming for Europe’s Railways
  • 2 hours Pakistan: "Heart" Of Terrorism and Global Threat
  • 1 day Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 7 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 7 hours Venezuela set to raise gasoline prices to international levels.
  • 19 hours Saudi Fund Wants to Take Tesla Private?
  • 1 day Batteries Could Be a Small Dotcom-Style Bubble
  • 3 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 1 day Starvation, horror in Venezuela
  • 20 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 48 mins Are Trump's steel tariffs working? Seems they are!
  • 1 day France Will Close All Coal Fired Power Stations By 2021
  • 1 day Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
Why China Will Continue To Buy Iranian Crude

Why China Will Continue To Buy Iranian Crude

While the United States sanctions…

Nigeria Police Frees 15 Kidnapped Oil Workers In Delta

NDA combatants

Nigerian police have rescued 15 employees of oilfield service company Nestoil who were abducted in early September. The rescue operation involved gunfire that resulted in wounds for some of the kidnappers, but they all escaped, the Associated Press reports. The kidnap victims were unharmed.

The AP quotes police spokesman Nnamdi Omoni as saying the kidnappers had demanded a ransom of 100 million naira, an amount approximately equal to US$322,600. He did not divulge whether the ransom was paid.

Kidnapping is a common practice in the Niger Delta, with victims usually being released after the ransom is paid. The practice is employed by both common criminals and militant groups that claim to be fighting for a fairer distribution of Nigeria’s oil riches. It remains unclear for the time being whether the kidnappers who took the 15 Nestoil employees belonged to any of these groups.

The Nigerian government has been negotiating with some of these groups in hopes to put its oil industry back on its feet, after suffering a serious economic blow thanks to the attacks on production and transportation infrastructure in the Delta, on top of the oil price rout.

In March this year, Nigeria fell from the top spot among African producers, replaced by Angola. According to the latest OPEC Oil Market Report, the country pumped 1.47 million barrels daily in August, down from 1.52 million bpd in July.

Last week brought some good news, however – and bad for oil traders. Exxon announced it will soon be restarting the exports from its Qua Ibe terminal, which has been under force majeure since July. The terminal is a namesake of Nigeria’s most abundant crude oil grade and last year accounted for daily exports of 340,000 barrels.

According to Bloomberg, Shell is also preparing to restart shipments from its Forcados terminal, which can handle 200,000 bpd. Together the two terminals will add half a million barrels of daily exports, which would further dampen any hopes of the global oversupply subsiding anytime soon.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News