• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 1 day US Military Spends at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 14 mins How many drilling sites are left in the Permian?
  • 1 hour "Undeniable" Shale Slowdown?
  • 7 hours Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 1 day Overheating the Earth: High Temperatures Shortened Alaska’s Winter Weather
  • 2 days China To Promote Using Wind Energy To Power Heating
  • 1 day Gas Flaring
  • 1 day Climate Change Protests
  • 8 hours Case against Trans Mountain Begins
  • 7 hours Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
  • 24 hours Everything Is Possible: Germany’s Coal Plants May Be Converted to Giant Batteries
  • 16 hours U.S. Refiners Planning Major Plant Overhauls In Second Quarter
  • 2 days Japan’s Deflation Mindset Could Be Contagious
  • 1 day Tax Credits for Energy Storage

Breaking News:

Guaido Takes Strides To Topple Maduro

Megadeal Triggers M&A Spree In The Permian

Megadeal Triggers M&A Spree In The Permian

The megadeal between Chevron and…

Shell Splashes $1B On Niger Delta Development

Oil Spill

Shell’s Nigerian subsidiary has committed US$1 billion for the development of the Niger Delta, the Vice President of the federal government, Yemi Osinbajo, said. Osinbajo is on a tour in the Delta, aiming to appease through dialogue the militant groups that have crippled Nigeria’s oil industry over the last couple of years.

The money will be released in US$500-million annual installments, to be used to provide clean drinking water, conduct health impact assessments, and supply “remediation technologies” to local communities, who tried to sue Shell for failure to clean up an oil spill in the area. The case was heard by the London High Court, which ruled that it is outside its jurisdiction: Shell Petroleum Development Company is registered in Nigeria, so a Nigerian court should be the one to hear the case.

The federal government has demonstrated determination in its attempts to appease the Niger Delta militants who have been blowing up pipelines for two years now, inflicting substantial damage to the infrastructure and cutting Nigeria’s oil production to a level that granted the country exemption from the OPEC oil production cut agreement.

Recently, perhaps thanks to the efforts to come to a mutually beneficial solution to the problems of the oil-rich Delta, the attacks have become rarer, with the government pledging support for the impoverished communities living there.

Related: Europe’s Big Oil Breaks Even At $50-60 Per Barrel

Now, during his tour of the Delta, the Vice President – and acting President – reiterated President Buhari’s commitment to amnesty for the militants and to the vocational training of the locals to ensure employment and pull them out of poverty.

Meanwhile, rumors about President Buhari’s health are rife: he has not been seen in public for a month, and although official sources insist he is in good health, there is speculation that he has gone to London for medical treatment, with some recalling the fate of another Nigerian President, Umaru Musa Yar’Adua, who died in office after extended medical treatment abroad, which the government attempted to conceal at the time.

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