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Nigeria resumes oil export as tankers with 6m barrels capacity head to terminal



Nigeria resumes oil export as tankers with 6m barrels capacity head to terminal

Reports gathered has revealed that Nigeria has resumed oil export as oil tankers with 6 million barrels of crude capacity are heading to the biggest export terminal, Qua Iboe.

According to sources, despite the threat and resumption of pipeline bombings by oil militant group, Niger Delta Avengers, the country will resume shipments.

We gathered that the Suezmax Ottoman Nobility arrived at the Qua Iboe terminal on Tuesday, the first of five vessels due to load the largest export crude grade since terminal operator Exxon Mobil Corp. halted shipments in July.

Four others are scheduled to arrive by October 15. If they collect standard cargoes, the ships would revive loading rates of the grade close to their average for last year.

According to cargo loading schedule, shipments of Qua Iboe and Forcados, another major Nigerian grade, are set to resume this month after being suspended earlier this year due to militancy activities. Both grades remain under force majeure, a legal term that allows companies to halt exports without breaching contractual obligations.

Militant attacks on the country’s oil and gas pipelines, resulted in the nation’s crude loadings falling to 1.38 million barrels a day in June.

The disruptions, combined with a two-year slump in oil prices, reduced growth for the first time since 1991.

The resumption of Qua Iboe and Forcados shipments would boost crude exports to about 1.85 million barrels a day next month, the highest since March, according to the oil-loading programs.

However, trouble still looms as militancy activities have resumed.

Royal Dutch Shell Plc Tuesday, halted the Trans Niger Pipeline due to a nearby fire. The line is used to transport Bonny Light crude to the company’s export terminal.

Over the weekend, militants claimed an attack on a pipeline hauling Bonny Light.

Shell has declined to say when it expects to resume Forcados crude exports.

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