By Obafemi Oredein

Special to Dow Jones Newswires


IBADAN, Nigeria--Shell PLC's Nigerian unit has lifted the force majeure on its Bonny oil export program with effect from March 15, a company spokesman said Wednesday.

Shell Petroleum Development Company declared force majeure on March 3, 2023 following a significant decline in crude receipts at the Bonny Oil and Gas Terminal.

Force majeure is a legal clause in contracts to protect companies from liabilities in meeting contractual obligations due to circumstances beyond its control.

Oil pipeline vandalism and oil theft had risen significantly in Nigeria's Niger Delta region where nearly all of Nigeria's oil is produced. This led to a sharp decline in the country's oil exports, to less than 1 million barrels a day late last year.

Efforts by the Nigerian National Petroleum Co. with government and private security agencies and firms to curb pipeline vandalism and oil theft are paying off and led to increased oil production by Nigeria in February.

The Organization of Petroleum Exporting Countries said in its March monthly oil report that Nigeria's oil production rose to 1.3 mbd in February.

Nigeria, Africa's largest crude oil exporter, earns more than 90% of its foreign exchange and 70% of government revenue from oil exports, according to the International Monetary Fund.

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(END) Dow Jones Newswires

March 16, 2023 00:56 ET (04:56 GMT)

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