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Home Business News

Shell reopens terminal, lifts force majeure on Forcados crude

Chike OlisahbyChike Olisah
3 years ago
in Business News
Shell, Forcados terminal, ExxonMobil debt of N684 billion for oil blocks renewal, SPIP and ExxonMobil debt claims, Femi Falana petition against ExxonMobil

Bonny, NIGERIA: (FILES) This file picture dated 18 May 2005 shows the oil major Shell's oil and gas terminal on Bonny Island in southern Nigeria's Niger Delta. Authorities in Nigeria are sparing no effort to free 16 subcontractors of Royal Dutch Shell still missing following an attack by heavily-armed assailants, a government spokesman said 03 October 2006. Twenty-five people were working on a site belonging to Shell in Nigeria's southern Rivers State went missing after they were attacked by about 70 armed men on Monday, Shell officials in Nigeria said. Five foreigners working for US oil company Exxon Mobil have also been abducted and two Nigerians killed in an attack by armed militants in the volatile Niger Delta region, an industry source added 04 October 2006. AFP PHOTO/ PIUS UTOMI EKPEI (Photo credit should read PIUS UTOMI EKPEI/AFP/Getty Images)

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International oil-producing giant, Shell Petroleum Development Company (SPDC), has lifted the force majeure that was earlier declared on the export of crude oil from its Forcados Terminal. 

The monitored report from Reuters, states that the Royal Dutch shell subsidiary, lifted the force majeure, which was earlier declared by it a few days ago when it reopened the pipeline transporting crude oil from its Forcados Terminal, one of the largest in the country. 

A spokeswoman of Shell Petroleum Development Company of Nigeria stated that the Trans Forcados pipeline which is operated by Heritage Energy Operational Services Ltd has been reopened. 

Force Majeure refers to a provision which is commonly found in contracts that frees both parties from obligations if an extraordinary event prevents one or both parties from performing their obligation. 

READ MORE: UPDATED: Rivers acquires Shell’s 45% stake in Ogoni land 

It could be recalled that Shell had earlier shut down the Forcados pipeline on April 4, 2020, and subsequently declared a force majeure on April 6, 2020. 

The Forcados terminal has had a long history of shutdowns in the past. The pipeline was shut down in May 2018 for repairs over heavy leakage.
In October 2016, it was shut for major repairs after a militant attack affected its loading programme. Also, the pipeline was shut down May last year by Shell and Heritage over fire outbreak and in February 2016 after a bomb attack by Niger Delta Avengers.
 

The reopening of the Forcados Terminal which is the major trunk line in the Forcados pipeline system and also the second largest network in the Niger Delta after the Bonny Oil Pipeline System, would come as a major boost to the Nigerian economy and revenue drive of the Federal Government. 

READ ALSO: Crude oil prices fall to $30 as COVID-19 erases gains from oil production cuts

The operation of the pipeline, which export about 240,000 barrels of crude oil daily from the country, will boost the country’s ability to be able to meet up with its allocated output quota from OPEC especially during the period of huge revenue shortages. 

Related

Tags: Business news in NigeriaForcados TerminalNigerian Business NewsOPECRoyal Dutch ShellShell Petroleum Development CompanyTrans Forcados Pipeline (TFP).

Comments 2

  1. Anonymous says:
    April 14, 2020 at 3:09 pm

    Total Recovery / Total Confirmed Cases remains at 26% over a 3 day period, we have a achieved stability.

    Reply
  2. Okoye Chinedu Onyekwelu says:
    April 14, 2020 at 11:00 pm

    I want to start Investment with Shell Oil and gas Company, Can someone please help me

    Reply

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