Forcados shutdown: Nigeria loses N356.6bn in five months – Punch

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Femi Asu

Five months after it was attacked and shut down, Shell’s Forcados export line remains offline, causing the country a loss of about $1.6bn (N356.6bn) in revenue.

It is still uncertain when the pipeline would come back on stream, although the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, had said earlier this month that repairs would be completed by the end of July.

In February 21, Shell declared force majeure – a legal clause that allows it to stop shipments without breaching contracts – a week after militants blew up a pipeline feeding the Forcados export terminal, knocking out at least 250,000 barrels per day.

The International Energy Agency had in April estimated that Nigeria could lose an estimated $1bn (N197bn) in revenue by May, when repairs of the Forcados terminal was expected to be completed.

Read more at http://punchng.com/forcados-shutdown-nigeria-loses-n356-6bn-five-months/