Shell Nigeria lifts force majeure on Bonny Light exports - CNBC Africa

Shell Nigeria lifts force majeure on Bonny Light exports

Western Africa

by Reuters 0

Shell Nigeria lifts force majeure on Bonny Light exports. Photo: Flickr.

Royal Dutch Shell's Nigerian division lifted a force majeure on exports of Bonny Light crude oil on Thursday, the latest sign that Nigeria's oil production is recovering after being hit by militant attacks in its oil-rich delta region.

The force majeure was lifted from 09:00 a.m. Nigerian time (0800 GMT) on Thursday, the company said in a statement, following restoration of production into Bonny Terminal.

Two other Nigerian crude oil grades - Forcados and Brass River - remain under force majeure. But the country's oil production has remained resilient despite some of the worst militant attacts in decades on delta region oil facilities.

Oil prices rose during the attacks, which briefly pushed Nigeria's production to 30-year lows. The country was Africa's largest oil exporter, but dropped into second place behind Angola earlier this year due to the disruptions.

Still, some fields recovered more quickly than expected so that Nigeria's exports were largely steady from April into May.

Exports are on track to rise in August, although the Niger Delta Avengers, the group that has claimed responsibility for the worst of the damage, have continued to attack oil installations. [O/LOAD]

Bonny Light exports had continued during the force majeure, a legal declaration made on May 11 following the closure of the Nembe Creek Trunk line. But cargo loadings are expected to run more smoothly now it has been formally lifted as these had been subject to repeated delays.

 

 

(Reporting by Libby George in London and Harshith Aranya in Bengaluru. Editing by Jane Merriman)

 

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