Shell: Nigeria Forcados Oil Force Majeure Lifted in Past Week
LONDON Oct. 8, 2007 (Dow Jones Newswires)
Royal Dutch Shell PLC (RDSB) said Monday it has lifted a month-long force majeure on its Forcados oil terminal in Nigeria, signaling the company is set to begin pumping more oil from the area as violence in the region abates.
"The force majeure was lifted in the past week," said Shell spokeswoman Eurwen Thomas.
Thomas added that the company's force majeure, which indemnifies Shell from litigation if it fails to meet its contractual obligations, was still in place at its EA oil field.
In July a spokesman for Shell confirmed that small quantities of production had returned from Forcados - between 1% and 3% on a daily basis of total capacity.
The Forcados platform operated at a capacity of 380,000 barrels a day prior to militant attacks that shut the terminal in February 2006.
Forcados is owned by Shell Petroleum Development Co. of which Shell owns 30%. State-owned Nigerian National Petroleum Co. holds a 55% stake, Total SA (TOT) 10% and Eni SpA (E) unit Agip has a 5% stake.
Copyright (c) 2007 Dow Jones & Company, Inc.
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