[BITList] bye-bye nigeria

[CT's]

LONDON-Royal Dutch Shell PLC is seeking buyers for 10 of its Nigerian onshore oil-production assets following years of militant attacks on its facilities that have squeezed the company's profit, people familiar with the matter said Sunday.

The oil fields have a market value of $4 billion to $5 billion and represent proven oil reserves of about 100 million barrels, one of the people said. The Anglo-Dutch company, for decades Nigeria's biggest foreign oil operator by production, is looking to dispose of the blocks in the first and second quarters.

The move marks a capitulation of sorts for Shell. The company has borne the brunt of militant attacks over the past four years at its Nigerian onshore facilities, at a loss of hundreds of millions of dollars in profit since 2006. Nigeria has Africa's biggest proven oil and natural-gas reserves.

The militant attacks, fueled by years of poverty and government corruption, have caused manifold operational headaches for Shell because the company often gets blamed by locals for the oil spills and environmental damage resulting from attacks on its pipelines and facilities. Security risks mean Shell usually has to wait days, if not weeks, before going into remote swamp areas to repair damaged facilities. 
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