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Exxon confirms force majeure on Nigeria Qua Iboe oil

BY OBAFEMI OREDEIN

HOUSTON -- Exxon Mobile Corp. has declared force majeure on some of Nigeria' s benchmark Qua Iboe crude oil exports because of repair work on a section of pipeline, the company' s local unit said.

"We are working to minimize downtime and have notified appropriate regulatory agencies and purchasers," Mobil Producing Nigeria said in a statement, confirming that it won' t meet its projected liftings from the terminal.

Mobil Nigeria didn' t say from which well or terminal is affected, or the volume of oil involved, but said some it was still producing oil from some facilities.

According to a trader, some 75% of exports from Qua Iboe have been affected by the force majeure.

Nigeria is one of Africa' s largest energy exporters and a member of the Organization of the Petroleum Exporting Countries. Qua Iboe is its largest crude oil stream, with exports before Thursday' s announcement expected to be around 400,000 bpd, according to shipping loading programs.

Dow Jones Newswires

02/08/2013

 

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