July 7, 2016 - 12:40 PM EDT
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Shell Nigeria lifts force majeure on Bonny Light crude oil

WARRI, Nigeria (AP) — Shell says it has lifted force majeure on the export of Nigeria's benchmark Bonny Light crude oil almost two months after militant attacks on a pipeline.

Recent attacks targeting the oil industry in the Niger Delta have caused Nigeria to lose its position as Africa's largest oil producer.

Shell said Thursday it had lifted the force majeure, which protected it from contractual obligations because of events beyond the company's control.

The oil company in May had cited a leak in the Nembe pipeline, but pipeline operator Aiteo Exploration at the time said the trunkline had been damaged in an attack.

Shell says the Nembe pipeline has a capacity of 150,000 barrels per day.

Militants have said they want a bigger share of Nigeria's oil wealth for residents of the delta.

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Source: Equities.com News (July 7, 2016 - 12:40 PM EDT)

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