European oil giant Total says the market overreacted to the company's natural gas leak in the North Sea and that after plugging the leak it anticipates resuming production by the end of the year, Bloomberg reports.
LAGOS, Nigeria (AP) — French oil company Total SA said Sunday it stopped a natural gas leak at one of its plants in Nigeria's crude-rich southern delta after 54 days, an emergency that forced the firm to shut down the field and evacuate the area.
Total said it used heavy fluids and cement plugs to stop the gas flow from its Obite natural gas field in Rivers state, in the heart of the country's Niger Delta. Workers will put a cement seal on the well to permanently staunch the flow from the well, Total said in a statement.
Fred Ohwahwa, a spokesman for Total's Nigerian subsidiary, said Sunday that the company hoped to restart gas production at the plant soon, but that he didn't know an exact date. Crude oil production at the facility continued while the gas plant there was shut down during the leak, he said.
French oil company Total saw its revenues grow strongly in the first quarter of the year but said Friday that a drop in European demand for petrochemicals hit profits.
While energy prices have soared amid unrest in the Middle East and tension in Iran, the economic slowdown in Europe has weighed on demand. Those high prices have buoyed Total's production business, but other sectors are struggling amid the poor economic environment.
French oil firm Total SA said Saturday that a natural gas leak at one of its plants in Nigeria's crude-rich southern delta may have been going on for weeks.
The leak at its Obite natural gas site has forced the company to evacuate those nearby and led to daily monitoring of air and water surrounding the plant in Nigeria's Rivers state. However, Total's Nigerian subsidiary hasn't made any public statement about the leak since it likely began following an incident March 20, though the company has given near-daily updates about a similar leak at a plant off the United Kingdom in the North Sea.
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