Shell declares force majeure on Nigerian Forcados crude
Royal Dutch Shell's Nigerian subsidiary SPDC has declared force majeure on exports of Nigerian Forcados crude oil after the obstruction of a tanker path by a malfunctioning barge, the company said in a statement.
Logos for Royal Dutch Shell are seen on a garage forecourt in central London, 6 March 2014. Reuters/Neil Hall/File Photo
The action came into effect on Monday at 12 midday and Shell Petroleum Development Company of Nigeria Limited said that efforts were underway to restore access, according to an SPDC statement seen by Reuters on Wednesday.
Nigeria relies on oil exports for some 90% of its foreign exchange and more than half its budget.
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Reporting by Fikayo Owoeye, Editing by MacDonald Dzirutwe and Andrea Ricci