The Business: Warlords in Nigeria fall out over who has oil riches
“… Shell is the most vulnerable to unrest in the Delta. Its joint venture with Nigeria’s state oil company turns out 1m barrels per day, making it the second largest oil producer in the Shell Group worldwide. Approaching 30% of all oil reserves controlled by Shell are found in Nigeria. Asari is aware of the company’s vulnerability – his last round of attacks forced Shell briefly to evacuate 254 staff from the Delta.”
Sunday July 24, 2005
THE most sensitive issue facing Nigeria – the distribution of oil revenues will come to a head over the next 12 months. Unless a solution is found, violence is likely to erupt in the Delta region of the south of the country, where most of the 35bn barrels of proven oil reserves lie.
Such an outcome would drive up global prices and threaten the interests of some of the world’s largest companies.
The spark for renewed unrest in Africa’s largest country, with 130m people, may already have occurred. On 12 July, a national political reform conference, called by President Olusegun Obasanjo, broke up without agreement. This gathering was charged with debating constitutional changes and, most importantly, deciding a new formula for the distribution of national oil revenues. read more
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