Shell Petroleum Development Company (SPDC) Wednesday re-announced oil exports from the Bonny crude oil export terminal.
It resumed after lifting the force majeure in the export of crude oil at the facility.
Force majeure is a provision that releases the parties from performing their contractual obligations when there are certain circumstances beyond their control.
SPDC has in March 2022 declared force majeure in the Bonny Light oil export program from March 3, due to reduced flow to the export terminal.
The terminal, located on Bonny Island, 48 kilometers southeast of Port Harcourt, is the largest terminal in Africa with the capacity to process and export 1.25 million barrels per day.
The SPDC media relations manager, Abimbola Essien-Nelson, in a statement said the force majeure was lifted on Wednesday, March 15.
READ ALSO: Shell, Eni declared force majeure in Nigeria’s main oil stream
“Force majeure was declared on March 3, 2022, following a significant drop in crude oil receipts at the Bonny Oil and Gas Terminal,” said Ms. Essien-Nelson. in a statement posted on the company’s website.
In recent years, Nigeria has recorded a surge in pipeline vandalism and incidents of crude oil theft in oil-producing regions, developments that have exacerbated the country’s revenue challenges.
The Group Chief Executive of NNPC Limited, Mele Kyari, in April last year announced that Nigeria will lose $4 billion due to oil theft at the rate of 200,000 barrels per day by 2021.
He said the state has lost $1.5 billion through 2022 due to rising pipeline vandalism. Mr. Kyari said the state lost 95 percent of its oil production due to oil theft at the Bonny Terminal, Rivers State.
Nigeria’s crude oil production rose in January as the country continued to recover from a crude oil sector badly damaged by oil theft.
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