Force majeure lifted on exports of Nigeria's Bonny Light oil

Force majeure lifted on exports of Nigeria's Bonny Light oil

The Royal Dutch Shell has lifted the force majeure it placed on exports of crude oil on Nigeria’s Bonny Light.

A spokeswoman of the Dutch oil company made this known on Tuesday, May 14, Reuters reports.

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Force majeure in legal term is a clause in contract that free the parties involved in the contract when an occurrence like accident which is beyond the control of the parties happen.

The force majeure declaration had been in place since late April 2018 following the closure of the Nembe Creek Trunk Line by operator Aiteo.

Meanwhile, earlier reported that the police on Wednesday, May 15, said they uncovered plots by some persons to commence massive and coordinated attacks on oil installations across the country.

Force spokesman, Frank Mba, a deputy commissioner of police, said in a statement in Abuja that the attacks would be carried out in the Niger-Delta region and adjoining states. He said the elements were claiming to be climate and environmental activists. also gathered President Muhammadu Buhari on Saturday, February 2, in Bauchi state, instructed the Nigerian National Petroleum Corporation (NNPC) to extend oil exploration activities to six basins in the country.

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The president gave the instruction at the Barambu town in Alkaleri local government area of the state while flagging off the drilling activities.

Buhari asked that the activities be extended to the Chad, Gongola, Anambra, Sokoto , Dahomey, Bida basins and Benue trough.

He emphasised that exploration in the frontier basins remains important to the economy of the country. ( -> We have upgraded to serve you better

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Source: Legit

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