Eni, the parent company of Nigerian Agip Oil Company (NAOC) says it has resumed oil export from 25,000 barrels per day (BPD) via Brass Oil Export Terminal in Bayelsa State after fixing damages caused by vandalism of its assets.
The blast at the facility had made the oil giant declare Force Majeure at the facility more than one week ago, thereby making the country stand the risk of losing $2.84 million (about N2billion) daily when pecked the 25,000 barrel per day with the oil price of $113.4 per barrel.
Basically, A Force Majeure is a legal clause in contracts that absolves firms from legal liabilities due to circumstances beyond their control.
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The oil firm in a statement Thursday 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.
Eni management also indicated that the Force Majeure, which signals the restoration of normalcy, was lifted on March 18.
The statement reads, “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 the Brass terminal, Bonny NLNG and Okpai Power Plant effective March 18.”
The National Oil Spills Detection and Response Agency (NOSDRA) had confirmed that Joint Investigative visits on the two incidents had linked the blast to sabotage.
Director-General of NOSDRA, Mr Idris Musa, had earlier said that 20 barrels leaked in the February 28 incident while 1,249.8 barrels were discharged into the environment during the March 5 incident.
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