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Shell Petroleum declares force majeure on exports of Nigerian Forcados crude oil

Royal Dutch Shell’s Nigerian subsidiary SPDC has declared force majeure on exports of Nigerian Forcados crude oil after the obstruction of a tanker path by a malfunctioning barge, the company said in a statement.

The action came into effect on Monday at 12:00 midday and Shell Petroleum Development Company of Nigeria Limited said that efforts were underway to restore access, according to an SPDC statement.

Nigeria relies on oil exports for some 90 percent of its foreign exchange and more than half its budget.

READ ALSO: Nigeria declares Dec 27, 28, Jan 3 public holiday for Christmas, New year celebrations

On Monday, OPEC+ data shows that Nigeria and Angola continued to struggle to pump at target with Angola’s compliance hitting its highest this year at nearly 300 percent.

The data showed that Nigerian compliance fell by 10 percentage points month on month to 239 percent, as the country raised production slightly.

The global oil cartel blamed Nigerian out production woes on underinvestment and nagging maintenance problems which it said continue to hobble output.

~With agency reports

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