Shell lifts force majeure on Nigeria Bonny Light

Tue Jul 15, 2008 6:00pm BST
 
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LONDON, July 15 (Reuters) - Royal Dutch Shell (RDSa.L) on Tuesday lifted a force majeure on Nigerian Bonny Light crude.

"As of 6 pm (1700 GMT) Nigerian time today, we lifted the force majeure on Bonny Light exports," a Shell spokesman in the Hague said.

He did not specify the current output level of the light, low-sulphur sweet crude that is rich in gasoline. Its normal production is around 400,000 barrels per day, making it Nigeria's largest oil stream along with Qua Iboe crude.

The Anglo-Dutch oil major declared force majeure on Bonny Light to free itself from meeting all contract obligations in late-May following an attack by rebels on the 130,000 bpd Nembe Creek pipeline in the volatile Niger Delta.

The frequent outages of high quality crudes from Africa's top producer Nigeria this year has contributed to big increases in global oil prices.

International benchmark U.S. crude futures CLc1 has risen about 50 percent this year and struck a record high of $147.27 last week. (Reporting by Ikuko Kao in London, additional reporting by Nick Tattersal in Lagos)

 

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