ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

SHEL Shell Plc

2,834.50
-55.00 (-1.90%)
16 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Shell Plc LSE:SHEL London Ordinary Share GB00BP6MXD84 ORD EUR0.07
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -55.00 -1.90% 2,834.50 2,830.50 2,831.00 2,874.00 2,822.00 2,860.00 10,533,677 16:35:19
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 316.62B 19.36B 2.9802 9.50 183.86B

Shell Nigeria Declares Force Majeure on Forcados Oil Exports

25/03/2014 5:12pm

Dow Jones News


Shell (LSE:SHEL)
Historical Stock Chart


From Apr 2019 to Apr 2024

Click Here for more Shell Charts.
   By Obafemi Oredein 
   Special to DOW JONES NEWSWIRES 
 

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.

-Write to Obafemi Oredein at realtimedesklondon@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


1 Year Shell Chart

1 Year Shell Chart

1 Month Shell Chart

1 Month Shell Chart

Your Recent History

Delayed Upgrade Clock