Oil Industry Headlines: Week of December 28
On the first day of trading for 2008 crude oil hit the long awaited benchmark of $100. For more on this historic event, view our report Investing: Oil Hits $100.
In Nigeria, vandalism continues to cripple the oil and gas industry in this commodity rich country. Now a spokesman for the Nigerian National Petroleum Council (NNPC) has accused wealthy Nigerians of sponsoring attacks on oil and gas pipelines. According to Levi Ajounuma, group general manager for the NNPC, wealthy Nigerians are using the attacks as a cover to collect and sell oil and gas on the black market. “Some rich and powerful people in the society are behind this thing. They are warlords and not villagers. Poor men cannot afford the cost of the number of plastic gallons at the scene of the incident. They planned this thing in advance before buying this number of containers,” he told Business Day.
In Iraq, Kurdish officials have approved a request to delay the vote that will determine the future of oil rich Kirkuk. Although Kirkuk does not formally lie within the territory designated to the Kurdish Regional Government (KRG), the KRG often acts as the de facto authority in the area. Turkmen, which were forced from Kirkuk along with the Kurds during Hussein’s era, are contesting the constitutionality of the vote. Kirkuk is the center of the oil industry in Northern Iraq and pipelines extending from the city have been subject to frequent attacks. Currently about 400,000 barrels of oil are exported from Kirkuk each day.
Published Thursday, January 3rd, 2008 at 11:14 pm and filed under Industry News.