July 8, 2016 - 1:11 AM EDT
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Shell Lifts Force Majeure On Bonny Light Exports

The Royal Dutch Shell, Nigeria division, lifted a force majeure on exports of Bonny Light crude oil, yesterday, the latest sign that oil production is recovering after being hit by militant attacks in its oil rich Delta region.

The force majeure was lifted from 09:00a.m. Nigerian time (0800 GMT) on Thursday, the company said in a statement, following restoration of production into Bonny Terminal.

Two other Nigerian crude oil grades, Forcados and Brass River, remained under force majeure.

But the country's oil production has remained resilient, despite some of the worst militant attacks in decades on its oil facilities.

The Reuters report said oil prices rose during the attacks, which briefly pushed Nigeria's production to 30-year low.

Nigeria is Africa's largest oil exporter, but dropped into second place behind Angola earlier this year due to the disruptions.

Still, some fields recovered more quickly than expected so that Nigeria's exports were largely steady from April into May.

Exports were on track to rise in August, although the Niger Delta Avengers, the group that has claimed responsibility for the worst of the damage, has continued to attack oil installations.

Bonny Light exports had continued during the force majeure, a legal declaration made on May 11 following the closure of the Nembe Creek Trunk line.

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Source: Equities.com News (July 8, 2016 - 1:11 AM EDT)

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