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Gold/Mining/Energy : Gold Price Monitor
GDXJ 136.00+6.2%Jan 20 4:00 PM EST
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To: Claude Cormier who wrote (38873)8/13/1999 6:29:00 PM
From: goldsnow  Read Replies (2) of 116895
 
Big Oil Cos. Stop Nigerian Pumping

Friday, 13 August 1999
L O N D O N (AP)

A JOINT-VENTURE between Texaco Inc. and Chevron Corp. was
forced to stop pumping oil off the coast of Nigeria on Friday
because angry residents in the area blocked supplies from
reaching the company's platforms.

Texaco Overseas Petroleum Co. of Nigeria Unlimited, or Topcon,
declared force majeure and ceased production at its five oil rigs
near the Niger River delta, said Rachel Moore, a London-based
Texaco spokeswoman. Companies declare force majeure when an
unpredictable, external event prevents them from meeting
contractual obligations.

Topcon typically pumps about 50,000 barrels a day of crude oil at
its platforms near the city of Warri in southern Nigeria.

"Production won't be resumed until we consider it safe and
secure to do so," Moore said.

The company evacuated all employees from its rigs after the latest
in a series of disruptions of its crude production.

Protesters recently commandeered a helicopter subcontracted to
Topcon from Bristows Helicopters and kidnapped its six
passengers and crew members. All hostages were later released,
Moore said.

Nigerians in the area have grown increasingly bitter about the
exploitation of its oil. Many accuse the central government of
greed and believe they are benefiting too little from the
production and sale of crude oil, Nigeria's most valuable export.

The Nigerian National Oil Co. owns 60 percent of Topcon.
Texaco and Chevron each has a 20 percent stake.
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