Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Shares  >  Nyse  >  Exxon Mobil Corporation    XOM

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Exxon shuts pipeline after oil leak offshore Nigeria

11/10/2012 | 10:40am US/Eastern

Exxon (>> Exxon Mobil Corporation) has shut a pipeline off the coast of Nigeria's Akwa Ibom state after an oil leak started by an unknown cause, the company's local unit said on Saturday.

Exxon (>> Exxon Mobil Corporation) has shut a pipeline off the coast of Nigeria's Akwa Ibom state after an oil leak started by an unknown cause, the company's local unit said on Saturday.

The U.S. major's outage will add to production problems in Africa's biggest crude exporter, after fellow oil majors Shell <RDSa.L> and Eni (>> Eni SpA) reported recent disruptions at onshore sites due to Nigeria's worst flooding in 50 years.

"(Exxon Nigeria) confirms that on November 9 an oil release occurred offshore Akwa Ibom State," Mobil Producing Nigeria, a joint venture between Exxon and the state oil firm, said in an emailed statement.

"The source of the leak was identified and the pipeline was isolated and shutdown." The company said it was investigating the cause of the leak but didn't give any details on the amount of oil production lost.

There was an oil spill in August near an Exxon facility that residents said left a slick running for miles along the coastline of Akwa Ibom. Exxon said it cleared up the spill but didn't confirm the source of the leak.

Italian oil firm Eni said on Friday it had declared force majeure on Brass River oil loadings from Nigeria due to floods, which have submerged part of the southern oil-producing Niger Delta in recent weeks.

Flooding combined with oil theft, prompted Shell to declare force majeure on two other large Nigerian oil streams, Bonny Light and Forcados, in late October.

Oil spills are common in Nigeria's onshore Niger Delta due to widespread theft by oil gangs tapping into pipelines and the poor maintenance of some ageing infrastructure.

But offshore spills are less common. Last December, an accident at Shell's offshore Bonga facility spilled an estimated 40,000 barrels, one of the largest in Nigeria's history.

Nigerian regulators told parliament in July that Shell should be fined $5 billion for environmental damaged caused by the spill but the company has said there is no legal basis for the fine.

(Writing by Joe Brock; Editing by Toby Chopra)

By Joe Brock

Stocks treated in this article : Eni SpA, TOTAL, Exxon Mobil Corporation
React to this article
Latest news on EXXON MOBIL CORPORATION
08/31 DOW CHEMICAL : Notice of Final Approval for the Operation of Pressure-Assisted M..
08/30 Libya's NOC, Central Bank woo oil majors in London in struggle for contracts
08/30 EXXON MOBIL : Cost, length of Exxon's cleanup still unclear after deal
08/29 Buffett's Berkshire takes $4.48 billion stake in Phillips 66
08/29 WARREN BUFFETT : Buffett's Berkshire takes $4.48 billion stake in Phillips 66
08/29 EXXON MOBIL : New global stock index tracks 'Catholic Values' in investments
08/29 EXXON MOBIL : Pertamina, ExxonMobil to invest $2.056 bil in Indonesian gas field..
08/28 EXXON MOBIL : YEDI Unveils Goodness, Another Beneficiary
08/28 AIChE's 2015 Gala to Honor CEOs of ExxonMobil, Dow, Eastman Chemical
08/27 SILK unit lands contracts worth RM18m
Advertisement
Chart
Duration : Period :
Exxon Mobil Corporation Technical Analysis Chart | XOM | US30231G1022 | 4-Traders
Income Statement Evolution
More Financials