Top Indigenous oil firms are recording a huge increase in profit after the forcardo terminals repairs in Niger Delta shows a massive increase in oil production.
Earlier in February 2016, Shell Petroleum Development Company of Nigeria Limited (SPDC) had declared the “force majeure”, a week after the main export route, the Trans Forcados Pipeline, was attacked by militants in the Niger Delta. Force majeure is a legal declaration showing an operator cannot fulfil a contract due to circumstances beyond its control.
However in June, SPDC lifted the force majeure on exports of the country’s Forcados crude oil, bringing all of the nation’s oil exports fully online for the first time in 16 months.
Elrest Exploration and Production recorded a 57 per cent increase in production from 177,823 barrels in July to 948,341 barrels in May. Also, Neconde Energy Limited recorded a 161 per cent increase from 226,631 barrels in July to 593,536 barrels in May.
Shoreline Natural Resources recorded a massive 262 per cent increase from 161,393 barrels in July to 584,924 barrels in May 2017. Seplat petroleum development recorded 433 per cent increase from 177,823 barrels in July 2017 to 948,341 barrels in May 2017, making them the largest beneficiaries of the forcardo pipeline.