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The Worst Is Over For Oil Markets

The Worst Is Over For Oil Markets

It has been a tough…

Two More Militant Attacks on Nigerian Crude Pipeline – More Barrels Offline

Nigerian Marines

In two simultaneous attacks late on Thursday, the Niger Delta Avengers (NDV) have targeted a state-run crude pipeline near the Batan oilfield.

The oil and gas pipeline is near the Batan oilfield in Warri, and is operated by the state-run Nigerian National Petroleum Corporation (NNPC).

African media suggest that the attack differed strategically from the series of attacks that preceded it because this pipeline was heavily guarded by state security forces and militants were demonstrating their reach and capabilities.

The NDA claimed responsibility for the attack via its Twitter feed, its established method.

Related: Why $50 Oil Is Here To Stay

"At 11:45pm on Thursday.@NDAvengers blew up other #NNPC Gas and Crude trunkline close to Warri. Pipeline that was heavily guarded by Military," the group tweeted.

The group rejected a meeting recently convened in Abuja by the federal government, warning of its readiness to carry out an attack that will "shock the whole world".

"The Niger Delta stakeholder's meeting is an insult to the people of Niger Delta. What we need is a Sovereign State not pipeline Contracts,” NDA said.

"To the IOC's, Indigenous Oil Companies and Nigeria Military. Watch out something big is about to happen and it will shock the whole world."

Related: Why Canada’s Oil Sand Producers Will Recover Quickly From The Wildfires

On Wednesday, the militant group blew up the main electricity feed pipeline at Chevron’s Escravos terminal, taking the terminal offline.

Nigeria’s oil production has plunged by 40 percent, falling to just 1.4 million barrels per day, the lowest level in decades

Last week, Italian oil giant Eni declared force majeure after another attack on its AGIP pipeline took oil offline. Earlier this month, Shell also declared force majeure on its exports of Bonny Light crude, evacuating staff from its Eja OML 79 production facility.

The first week of May saw militants attack one of Chevron’s offshore platforms, the Okan facility, disrupting 90,000 barrels per day of oil production. The Okan facility, which it operates in conjunction with the Nigerian National Petroleum Corp., is also a gathering point for production from several fields, so the attack knocked off output from all of them at once.

By Charles Kennedy of Oilprice.com

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