Nigeria’s Oil Exports Plunge As Shell, Total Declare Force Majeure

Exports of Nigerian crude oil have suffered a significant disruption as two international oil companies operating in the country declared force majeure on two crude grades .
Force majeure is a legal clause that allows companies to cancel or delay deliveries due to unforeseen circumstances .
Shell Petroleum Development Company of Nigeria Limited, in a statement on Monday , said it declared force majeure on Bonny Light effective 12 noon ( Nigerian time ) on April 25 , 2019 .
The oil major said the declaration of force majeure followed the shutdown of the Nembe Creek Trunk Line on April 21 , 2019 , and declaration of force majeure by the operator of the NCTL , Aiteo Eastern Exploration and Production Company Limited.
The NCTL, a major crude oil transportation channel used for export, evacuates crude to the Bonny Crude Oil Terminal . It is one of the two main pipelines taking Bonny Light grade to the export terminal .
Last week , Aiteo declared force majeure on the NCTL following a fire outbreak , saying it was constrained to shut in injection as well as other related operations into the NCTL .
Amenam , operated by oil major Total , is also under force majeure , Reuters quoted trading sources as saying on Monday.
Both grades of crude are light and sweet , typically suitable for petrol production .
Bonny Light exports had been planned at 222 , 000 barrels per day in June and 184 , 000 bpd in May , but trading sources said they were awaiting new loading plans . Shell said the export terminal continued to run .
A port source told Reuters that oil -well shutdowns had reduced Amenam ’ s daily production and led to force majeure . Exports of Amenam are typically around 100 , 000 bpd , and trading sources said loadings had been delayed by roughly 25 days .
Two Shell oil workers were kidnapped last week in Rivers State, an escalation that helped prompt state police to step up security operations.
(Punchng)

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