Posted by News Express | 25 May 2016 | 2,224 times
Eni, parent company of Nigerian Agip Oil Company (NAOC), on Tuesday said it has declared Force Majeure on oil exports from the Brass Oil Export Terminal off Bayelsa shoreline.
Force Majeure is a legal concept that absolves companies from liabilities of contractual obligations due to factors outside its control.
Eni also said the oil firm’s production was cut by 4,200 barrels per day following Sunday’s attack on its pipeline in Bayelsa.
An earlier attack in the area on May 18 had resulted to a shutdown of some 1,000 barrels bringing a cumulative production loss to 5,200 barrels of the oil firm’s share of oil output.
Eni confirmed the developments in a short e-mail response on Tuesday.
“I can confirm the attack to the Ogbaimbiri – Tebidaba pipeline, with 4,200 bop/d (Eni’s equity) of production affected. I can confirm that Force Majeure has been placed on Brass Oil Exports from May 22, 2016,” the email from Eni’s Media Relations Unit said. (NAN)
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