Nigeria Loses N280b As Shell Suspends Bonny Light Exports

The development was caused by the oil giant’s declaration of force majeure due to pipeline vandalisation

Nigeria would lose about $1.75 billion (N280 billion) due to Shell Petroleum Development Nigeria’s declaration of “Force Majeure” on its Bonny Light exports between August 23 and end of October, this year, Tony Okonedo, the Corporate Affairs Manager of the company, said on Tuesday.

Shell produces 300,000 barrels per day on its Bonny Light. The oil giant’s declaration of Force Majeure (suspension) was due to production deferment from several pipeline incidents in Eastern operations of the Niger Delta.

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