All
 

 

Just in:  

You are here: Home»Markets»Energy»Europe»Shell declares 'force majeure' on Nigeria crude exports

imageLAGOS: Anglo-Dutch oil giant Shell said Wednesday it had declared a "force majeure" on crude oil exports from Nigeria as it struggles to repair a sabotaged pipeline.

Shell's subsidiary in Nigeria said the force majeure was effective from Tuesday "due to ongoing repairs on the 48-inch crude export line at Forcados Terminal in the Western Niger Delta".

"Force majeure" is a legal term releasing a company from contractual obligations when faced with circumstances beyond its control.

Shell said the subsea pipeline was shut when a leak was discovered on March 4, leading to suspension of crude oil exports through the terminal, which can produce up to 400,000 barrels of crude per day.

Shell has blamed repeated oil thefts and sabotage of key pipelines as the major cause of spills and pollution in the oil-producing region.

Crude oil theft or "bunkering" is a major problem in Nigeria, with estimates that the country loses some $6 billion (4.3 billion euros) in revenue every year because of the practice.

Nigeria is Africa's largest oil producer, accounting for more than two million barrels per day.

Copyright AFP (Agence France-Presse), 2014


 



 
Index Closing Chg%
Arrow DJIA 17,279.74 0.08
Arrow Nasdaq 4,579.79 0.30
Arrow S&P 2,010.40 0.05
Arrow FTSE 6,837.92 0.27
Arrow DAX 9,799.26 0.01
Arrow CAC-40 4,461.22 0.08
Arrow Nikkei 16,321.17 1.58
Arrow H.Seng 24,306.16 0.57
Arrow Sensex 27,090.42 0.08





where to buy

cheap wedding dresses

online - weddingdresstrend.com

Buy cheap Nike Mercurials cleats at mercurialscleats.com
cheap wedding dresses on SiteSteer.com - Best Online Wedding Store


Banking Review 2013


Buy new style hair wigs at cheap price on Ishowigs.com

Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln