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- Shell Nigeria says yet another leak on the Trans Forcados Pipeline is forcing it to stop exports from the terminal that carries one fifth of the country’s exports.
- It gave no reason for the leak on the aging pipeline which suffers regular sabotage by oil thieves and environmental activists.
- Shell declared force majeure Wednesday afternoon, giving it some legal protection against contractual obligations.
- The Forcados terminal has capacity to export 400 000 barrels a day.
- The government estimates that oil thefts averaging 300,000 barrels a day along with losses during repairs cost $12 billion in 2013. Oil is stolen by criminals and activists pressing for a more equitable share of oil revenues for residents who have lost fishing and agricultural livelihoods due to oil pollution.
Keystone Bank seeks approval to sell 66.54% KBL Insurance stake
