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UPDATE 1-Eni lifts force majeure on Nigeria Brass River crude

Wed, 04th Sep 2013 15:23

MILAN/LONDON, Sept 4 (Reuters) - Eni said it haslifted the force majeure on its Nigerian Brass River crude oilproduction, a sign that theft-ravaged production from Africa'slargest exporter may start to recover.

"It was lifted on Monday," a spokesman for the Italian oilfirm said.

The force majeure - a clause freeing the company from supplyobligations due to circumstances outside its control - wasimposed by Eni in March.

In August, Eni cut its annual production target, joiningrival Shell in highlighting outages in Nigeria as adrag on profits.

OPEC member Nigeria's oil supplies have been severelydisrupted in recent months due to oil theft, sending exports totheir lowest in four years in August.

A force majeure on Shell's Bonny Light exports is still inplace, though exports have picked up for October loading afterdropping to zero for August and September.

While exports have picked up for September and October, theyare still below average, and also below government targets.

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