The Movement for the Emancipation of the Niger Delta (MEND) and Ijaw leader, Chief Edwin Clark, yesterday condemned in strong terms, the renewed hostilities by the Niger Delta Avengers (NDA). The group at the weekend claimed responsibility for the bombing of Bonny pipeline in Rivers State.
With the declaration of force majeure on Bonny Light exports by Shell Petroleum Development Company of Nigeria Limited, about 400,000 barrels per day of Nigeria’s production has now been shut in. Force majeure is a legal clause that allows an oil firm to stop shipments without breaching contracts.
Nigeria’s export of Liquefied Natural Gas (LNG) has suffered setback as Shell Petroleum Development Company (SPDC) has declared force majeure on gas supplies to the Nigeria Liquefied Natural Gas (NLNG) plant on Bonny Island in Rivers State.
Plans by the Nigerian Liquefied Natural Gas Limited (NLNG) to site its proposed shipyard in Lagos State rather than its key operational base in Bonny Island, Rivers State, are a great injustice to the people of the area, the chiefs and lawmakers in Bonny Kingdom have said.
Nigeria's economy may face tougher times this year due to a cocktail of challenges assailing the country’s crude oil business. The country has been contending with the plummeting crude oil prices and the United State’s shale boom, which resulted to total halt in import to U.S.Besides seeing its oil revenue drastically reduced in the wake of global oil price slump and domestic production shortfalls due to oil theft and pipeline vandalism, Nigeria has been struggling to find buyers for its premium quality Bonny Light crude in recently times.
