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Shell lifts force majeure in Nigeria

Nov. 21, 2012 at 8:33 AM   |   Comments

LONDON, Nov. 21 (UPI) -- Dutch supermajor Royal Dutch Shell said Wednesday it lifted restrictions in place since October for some crude oil exports from Nigeria.

Argus Media reports from London that Shell lifted force majeure declared on Bonny Light crude, a low sulfur crude attractive to refiners, early Wednesday.

"But force majeure remains in place for Nigerian Forcados crude exports," the report states. "The measure was introduced on the same date as at Bonny and was attributed to damage caused by oil thieves."

Flooding in October in the oil-rich Niger Delta prompted Shell and French supermajor Total to declare force majeure on exports from Nigeria.

Shell's subsidiary in Nigeria last week said it sold a 30 percent stake in Oil Mining Lease 30 in the Niger Delta to Shoreline Natural Resources Ltd. for $567 million. Shoreline is a company formed between a subsidiary of Heritage Oil and Nigeria's Shoreline Power Co. Ltd.

The company stated the divestment was part of an effort to reshape its assets as the Nigerian government aims to encourage more domestic participation in the country's upstream oil and gas business.

Oil rebels in the south of the country have attacked oil installations there as they fight for a greater share of the Nigerian oil wealth.

Nigeria relies on oil for about 75 percent of its revenues.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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