(Ecofin Agency) - The Niger Delta Avengers, a group of militants to be blamed for numerous attacks on oil and gas facilities in the southern Niger Delta region since the beginning of this year, has announced that it has agreed to a ceasefire and has stopped fighting.

This is coming a week after the group said it was ready for a ceasefire and negotiations with the government.

The region which produces most of the oil that accounts for 70% of government revenue has been affected by pipeline attacks and has reduced output by 700,000 barrels a day to 1.56 million bpd.

“We have listened carefully and halted hostilities in the Niger Delta region. We expect a genuine and positive attitude to restructuring and self-determination for every component unit of Nigeria. No amount of troop surge and simulation exercises will make you win the oil war,” the group said on its website.

On Saturday, Nigeria’s military announced that it has initiated a new offensive against militants in the Delta, killing five and arresting 23.

The group has said they want a bigger share of Nigeria's oil wealth to go to the region, Thonpson Reuters Foundation reports.

Anita Fatunji