By September 13, 2016 Read More →

Exxon offers first Qua Iboe crude cargo since force majeure

Qua Iboe

A leak in the pipeline that feeds Exxon’s export terminal in Nigeria forced the multinational company to declare a force majeure in July. ¬†The company is now offering an October-loading cargo of Qua Iboe crude oil. Exxon photo.

Qua Iboe crude force majeure declared in July

ABUJA, Sept 13 (Reuters) – ExxonMobil is offering an October-loading cargo of Nigeria’s Qua Iboe crude oil, the first offer since the company declared force majeure on the grade in July, sources said on Tuesday.

Exxon declared force majeure on the grade, Nigeria’s largest export stream, after a leak on the pipeline that feeds the oil to the export terminal.

It was not immediately clear if the pipeline was already repaired, or if the company simply expected it to be back online in time to load the oil in October.

The cargo is offered for Oct. 8-16 loading at a premium of $1.80 per barrel to dated Brent, sources said.

A spokesman for Exxon said the force majeure remained in effect but did not give a timeframe on the resumption of regular oil flows.

(Reporting by Libby George; editing by Jason Neely and Susan Thomas)

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