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Bloomberg: Nigeria May Export Three Forcados Crude Oil Cargoes in October

By Alexander Kwiatkowski

Aug. 22 (Bloomberg) — Nigeria may ship three cargoes of the Forcados crude oil grade in October, three traders of West African oil said, reflecting the resumption of production in the western Niger Delta amid militant unrest.

The cargoes are 950,000 barrels each, the traders said, asking not to be identified because of company policy. Exports from the Forcados terminal had stopped in early 2006 because of attacks and kidnappings by militants who were demanding a greater share of surging oil revenue.

More than 200 expatriates have been kidnapped since the start of last year by militants and criminal groups in the oil- producing region. Royal Dutch Shell Plc’s share of Nigerian output that remained idle at the end of the second quarter equaled 195,000 barrels of oil a day.

Shell, whose joint venture operates the Forcados offshore terminal, won’t comment on shipping schedules, said spokesman Rainer Winzenried. He said some oil production that supplies Forcados had resumed, without being more specific. The 36,000 barrel-a-day South Bank flow station, linked to Forcados, started pumping in April, Shell said in July.

Two Forcados cargoes are scheduled to load this month. A 1 million-barrel crude-oil carrier is sailing toward the terminal, according to a signal from the ship captured by AISLive on Bloomberg. The Gulf Scandic signaled on Aug. 18 that it expects to arrive at Forcados on Aug. 26.

To contact the reporter on this story: Alexander Kwiatkowski; in London at [email protected]

Last Updated: August 22, 2007 07:58 EDT

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