Exxon confirms force majeure on Nigeria Qua Iboe oil

2/8/2013

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

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