Oil Companies Move Offshore as Nigerian Risks Mount

Oil Companies Move Offshore as Nigerian Risks Mount Play

Aug. 1 (Bloomberg) -- At Royal Dutch Shell’s compound in the Nigerian city of Warri, the gate is locked, the grounds are empty and grass has overgrown since Europe’s biggest oil company closed its operations in March after more than 40 years. After Warri saw some of the nation’s worst unrest in two decades, Shell has sold land-based fields that pumped about 400,000 barrels a day in the 1990s, valued at $1.2 billion a month at today’s crude prices, and is buying fields offshore. Ryan Chilcote has more. (Source: Bloomberg)

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