MPN GLOBAL VENTURES engages in the export of crude oil from Nigeria and as well as import of refined Petroleum Products into Nigeria. As a link agent between the supplier/seller and buyer of Bonny Light Crude Oil (BLCO), FORCADOS (FLCO) Light Crude Oil, QUA IBOE, JET FEUL, DPK-KEROSINE, MAZUT, LPFO in Nigeria. The company was registered and established in Nigeria in the year 2009, November the 11Th and approved by corporate affairs commission (CAC), Federal Republic of Nigeria.
Sunday, March 30, 2014
Shell Nigeria Declares Force Majeure on Forcados Oil Exports
IBADAN, Nigeria--Royal Dutch Shell PLC's (RDSA, RDSA.LN) Nigerian unit said Tuesday it has declared force majeure on the shipping of the Forcados oil blend from Nigeria after it shut an export pipeline due to a leak.
Precious Okolobo, a spokesman of the Shell Petroleum Development Co. of Nigeria, or SPDC, said in a statement that the force majeure took effect from 09.00 hours local time Tuesday, due to ongoing repairs on the pipeline at the Forcados Terminal in the western Nigeria Delta.
He said the subsea line was shut when a leak was discovered on March 4, leading to the suspension of SPDC and third-party crude oil exports through the terminal.
Mr. Okolobo didn't say how much oil may have been shut in as a result of the leak, but stressed that SPDC has "mobilized equipment and materials to the site, and is working to repair and reopen the line as soon as possible."
He said helicopter over-flights showed a slight sheen around the export line, adding that a joint investigation conducted by community representatives, SPDC, regulators and security agencies determined that the leak was caused by unknown persons who had installed a crude theft point in a water depth of about 8 meters.
Force majeure is declared when a company is unable to fulfill its contractual obligations to deliver crude or gas due to circumstances beyond its control.
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