Nigerian oil vessel explodes – environmental impact larger than supply impact

  • A floating production storage and offloading (FPSO) vessel off the coast of Nigeria burst into flames this week; however, the 22kb/d capacity vessel was not producing, though it may have been storing 50kb of crude.
  • The source of the fire is not known, the vessel is in bankruptcy, and owned by Shebah Exploration & Production Company (SEPCOL).
  • Shell (NYSE:SHEL) is one of the largest producers in Nigeria, and has found the oil-rich jurisdiction difficult to navigate; Shell is in the process of selling all of its on-shore oilfields in the Country.

(Source: SA News)

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