Royal Dutch Shell Plc has lifted restrictions on exports of crude oil from the Forcados oil terminal at the Delta State platform after it carried out repairs on it due damage it suffered 14 months ago from the after the Niger Delta Avengers, a militant group.
Shell ended a force majeure on Forcados crude oil shipments at 4 p.m. London time on Tuesday, a spokesman told Bloomberg. The measure, which allows companies to miss contractual obligations, was imposed on Feb. 21 last year. Shipments this month will average about 250,000 barrels a day.
The repairs cost of Forcados Oil terminal is estimated at $100 million U.S., and a total revenue loss north of $2 billion. The loss of Forcados barrels had the single biggest impact on Nigerian oil production out of any grade the country producers. The grade pumped an average of about 200,000 barrels a day in 2015, before the militancy escalated. Its scheduled cargoes for June are the second highest of any Nigerian grade, the loading data show
