Market Overview

Shell Restarts Some Nigeria Output

Royal Dutch Shell (NYSE: RDS-A), the largest European oil company, has restarted production at Nigeria's Bonga oil field following a December 20, 2011 spill that was the country's worst in 13 years. Nigeria vies with fellow OPEC member Angola for the top spot among Africa's oil-producing nations.

Shell said it has completed cleanup activities and that production at Bonga resumed several days ago. About 200,000 barrels per day are produced at Bonga, accounting for 10% of Nigeria's daily output. Nigeria mainly light sweet crude, which is prized for its ease in refining and that also makes the African nation a major supplier of oil to the U.S.

Shell said satellite images showed oil from the Bonga leak could not have reached coastlines in the eastern Niger Delta. The Niger Delta is home to the bulk of Nigeria's oil production.

The Anglo-Dutch oil giant has operated in Nigeria for several decades and has the largest presence there of any Western oil major.

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