Shell Nigeria declares force majeure on Forcados oil exports


Royal Dutch Shell's (RDS.A, RDS.B) Nigerian unit says it declared force majeure on the shipping of the Forcados oil blend from Nigeria after it shut an export pipeline due to a leak caused by oil thieves.

The force majeure took effect this morning due to ongoing repairs on the pipeline at the Forcados terminal in the western Nigeria Delta.

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Comments (2)
  • Mike Serebrennik
    , contributor
    Comments (1190) | Send Message
     
    Again I wonder why oil companies continue to do business there.
    25 Mar 2014, 04:56 PM Reply Like
  • Investor234
    , contributor
    Comment (1) | Send Message
     
    Large capital investments, regardless of how difficult the operating environment is, are hard to abandon. In addition, the light sweet crude in the region trade at a premium, which helps maintain the profitability of the assets. Gradually though, many of the multinationals are divesting their onshore assets to locally owned enterprises and are instead focusing on offshore platforms and onshore natural gas.
    18 Apr 2014, 01:34 PM Reply Like
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