Nigerian production losses through disruptions cost over $ 1 bn

Aug 13, 1999 02:00 AM

Nigeria has lost $ 1 bn this year in the disruption of oil production by restive youth in its oil rich Niger delta, oil producers said.
In a communique issued after closed-door meeting with the head of the country's oil corporation, the companies said this excluded losses from " threat to lives, hostages taking and damage to facilities."
The oil rich delta, hub of the country's oil industry, has recently become the scene of violent protests, kidnappings, and take-over of oil installations by the major ethnic groups in the area protesting against the absence of infrastructure and youth unemployment.
Recently Shell said such disruption has forced it to operate at 25 % of its capacity.
A meeting in the Nigerian capital between the country's Chamber of Commerce and the Nigerian National Petroleum Corporation was intended to review the situation and develop strategies for engaging communities in oil producing areas.
The meeting attended by the six major oil companies operating in thecountry, agreed on the establishment of additional youth development programs to enable the youths, who are behind the agitations to become employable.
The two sides also agreed to address all ethnic problems, border and inter-tribal disputes, which has exacerbated the agitations in the region which accounts for most of the country's oil income. They also resolved to meet "periodically" with the respective governors of oil producing states to agree on "programs for expeditious resolution of problems in the area."

Source: Xinhua via Newspage
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