Force Majeure Declared on 52,000 B/D from Nigeria Brass Field
LONDON (Dow Jones Newswires), May 19, 2009
Italian oil major ENI Spa (E) confirmed force majeure has been declared on 52,000 barrels a day of crude from the Brass River field in Nigeria Tuesday.
Production from the field is shared, and the measure would apply to 9,000 barrels a day of ENI's equity share.
The news, which provide the company with legal protection for not meeting a contractual obligation to customers, follows reports from traders of damage to specific pipes.
Traders in West African crude estimated production from the Brass facility when running at full capacity last year at around 160,000 barrels a day.
Copyright (c) 2009 Dow Jones & Company, Inc.
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