ChevronTexaco Has Lifted Force Majeure in Nigeria

Chevron Nigeria Ltd has resumed crude oil exports from its Escravos terminal in Nigeria. Export was suspended ten days ago as a result of a fire that was caused by lighting. A bolt of lightning on July 20 set fire to a reservoir holding 180,000 barrels of oil at the plant. The fire was extinguished the following day. "Though the decision to declare a Force Majeure was a difficult one, it was the honest and ethical option open to us," said company managing director Jay Pryor, in a statement signed by company spokesman Sola Omole. The Escravos terminal normally handles exports totaling approximately 400,000 barrels per day, around one fifth of Nigeria's total output.

Our Privacy Pledge

Most Popular Articles

Brent Crude Oil : $50.2/BBL 3.29%
Light Crude Oil : $47.89/BBL 3.34%
Natural Gas : $2.94/MMBtu 1.37%
Updated in last 24 hours