ChevronTexaco Lifts Force Majeure on Nigerian Oil

ChevronTexaco has lifted the force majeure it declared on Nigerian crude oil exports last month as a result of the ethnic violence in the Niger Delta. Oil Production has been restored at the Escravos terminal and has been gradually increased to a plateau rate of 310,000 barrels a day. However, there is no time frame for when full production will be restored. A decision on a return to full production will be made in due course based on ChevronTexaco's assessment of the security situation in the area. Approximately 410,000 barrels per day of production had been shut-in due to the crises.

"Though the decision to call the force majeure was a difficult one it was the only honest and ethical option open to us if we were to maintain our world class record on safety, reliability and environmental stewardship," said Jay Pryor chairman and managing director of Chevron Nigeria.