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SHEL Shell Plc

-54.50 (-2.05%)
29 Sep 2023 - Closed
Delayed by 15 minutes

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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
  -54.50 -2.05% 2,606.00 2,612.50 2,613.50 2,661.00 2,602.00 2,646.50 10,189,921 16:35:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Crude Petroleum & Natural Gs - - 604.1 301.8 175,519.60

Shell Resumes Bonny Oil Export Program in Nigeria After Force Majeure

16/03/2023 5:11am

Dow Jones News

Shell (LSE:SHEL)
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From Sep 2022 to Sep 2023

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By Obafemi Oredein

Special to Dow Jones Newswires


IBADAN, Nigeria--Shell PLC's Nigerian unit has lifted the force majeure on its Bonny oil export program with effect from March 15, a company spokesman said Wednesday.

Shell Petroleum Development Company declared force majeure on March 3, 2023 following a significant decline in crude receipts at the Bonny Oil and Gas Terminal.

Force majeure is a legal clause in contracts to protect companies from liabilities in meeting contractual obligations due to circumstances beyond its control.

Oil pipeline vandalism and oil theft had risen significantly in Nigeria's Niger Delta region where nearly all of Nigeria's oil is produced. This led to a sharp decline in the country's oil exports, to less than 1 million barrels a day late last year.

Efforts by the Nigerian National Petroleum Co. with government and private security agencies and firms to curb pipeline vandalism and oil theft are paying off and led to increased oil production by Nigeria in February.

The Organization of Petroleum Exporting Countries said in its March monthly oil report that Nigeria's oil production rose to 1.3 mbd in February.

Nigeria, Africa's largest crude oil exporter, earns more than 90% of its foreign exchange and 70% of government revenue from oil exports, according to the International Monetary Fund.

Write to Barcelona Editors at barcelonaeditors@dowjones.com


(END) Dow Jones Newswires

March 16, 2023 00:56 ET (04:56 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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