Agip restores Bayelsa oil export terminal

Eni, the parent company of Nigerian Agip Oil Company (NAOC), said it has resumed oil export from the 25,000 barrel per day (bpd) Brass Oil Export Terminal in Bayelsa State after fixing the damage caused by vandalism of its assets. The blast at the facility had made the oil giant declare Force Majeure at the […]

Eni, the parent company of Nigerian Agip Oil Company (NAOC), said it has resumed oil export from the 25,000 barrel per day (bpd) Brass Oil Export Terminal in Bayelsa State after fixing the damage caused by vandalism of its assets.

The blast at the facility had made the oil giant declare Force Majeure at the facility more one week ago, thereby making the country stand the risk of losing $2.84 million (about N1.2 billion) daily with the oil price of $113.4 per barrel. A force majeure is a legal clause in contracts which absolves firms from legal liabilities due to circumstances beyond their control.

The oil firm in a statement said it has lifted a force majeure it earlier declared on expected oil output at its Brass terminal off Bayelsa coastline.

The blast led to a shortfall of 25,000 barrels of crude oil and 13 million standard cubic metres of gas per day from the terminal.

It said the force majeure was lifted on March 18, which signals restoration of normalcy.

“Following the restoration of the Ogoda/Brass 24” oil pipeline at Okparatubo at Nembe Local Government Area, Bayelsa State, which was hit by blast on March 5th caused by a third-party interference, force majeure has been lifted at Brass terminal, Bonny NLNG and Okpai Power Plant effective March 18,” the firm stated.