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NLNG said all of its upstream gas suppliers had declared force majeure, forcing it to make the declaration as well.
 The Nigeria Liquefied and Natural Gas company has announced suspension of its operations due to flooding.
NLNG declared force majeure as a result of the widespread flooding
which has disrupted supply, a spokesman for the company said on Monday.
Force majeure is a common clause in contracts which essentially
frees both parties from liability or obligation when an extraordinary
event or circumstance beyond the control of the parties, such as a war,
strike, riot, crime, epidemic or sudden legal changes prevents one or
both parties from fulfilling their obligations under the contract.
Reuters reported that the declaration could worsen Nigeria’s cash
crunch and would curtail global gas supply as Europe and others struggle
to replace Russian exports due to the invasion of Ukraine in February.
NLNG said all of its upstream gas suppliers had declared force majeure, forcing it to make the declaration as well.
“The notice by the gas suppliers was a result of high floodwater
levels in their operational areas, leading to a shut-in of gas
production which has caused significant disruption of gas supply to
NLNG,” spokesperson Andy Odeh said.
Odeh said NLNG was determining the extent of the disruption and would try to mitigate the impact of the force majeure.
Officials have warned that the flooding, caused by unusually heavy
rains and the release of water from a dam in Cameroon, could continue
into November.
NLNG’s supply had already been limited due to prolific oil theft
that has slashed output from what is typically Africa’s largest
exporter. NLNG had exported roughly 18 cargoes in September, according
to Refinitiv data.
Nigeria relies on fossil fuel exports for 90 per cent of its
foreign exchange and roughly half its budget. Crude oil exports fell
below one million barrels per day on average in August, the lowest level
since the 1980s, due to theft that has exceeded 80 per cent on certain
pipelines.
Crushing fuel subsidy costs have also kept Africa’s most populous nation from benefiting from this year’s surge in oil prices. |
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