Exxon Warns About Nigerian Exports, Falkland’s Scotia Optimism: Energy Biz Review
Along with three fellow oil majors, Exxon Mobil Corporation (NYSE:XOM) has warned its customers about delays to Nigerian oil and gas exports caused by theft, oil spills, and flooding. On the other hand, on Wednesday, Royal Dutch Shell (NYSE:RDSA)(NYSE:RDSB) lifted its force majeure on Nigeria’s benchmark Bonny Light crude oil exports which should assuage some of the supply constraints. However, three of Nigeria’s main oil grades remain under force majeure: Qua Iboe, Brass River and Forcados. In combination, these three produce approximately 700,000 barrels per day or about one-third of total Nigerian exports.
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Much optimism is currently focused on Falkland Oil & Gas (FLKOF.PK) in hopes that drilling at its Scotia well might end in a discovery. The South Atlantic firm and its partners Noble Energy (NYSE:NBL) and Edison SpA are aiming at approximately 1 billion barrels of oil at the well. Falkland made the second gas find in 2012 at its Loligo well, subsequent to Borders & Southern Petroleum’s report in July that it discovered gas, including some liquids.
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