Oil & Gas
Nigeria Oil Output to Resume; Compromise Struck
By FWN Select
Jul 8, 2004, 22:39

Total's Nigerian oil operations will resume later Wednesday, the result of a compromise struck at a meeting between oil union leaders, government officials and company representatives, Total's spokesman in Nigeria said.

Talks between the parties are still going on, but "progress has been made," the spokesman said. A strike by workers concerned they'll lose jobs in a company reorganization appears to have been averted and production is seen restarting soon.

Total shut down 225,000 barrels a day of oil and 187 million cubic feet a day of gas production Friday as a safety precaution in the face of a strike.

The company declared force majeure on Tuesday.

Total produces roughly 10% of Nigeria's 2.3 million b/d. The OPEC member is Africa's biggest producer and a leading exporter to the U.S.

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