UPDATE: Addax Declares Force Majeure On Nigerian Antan Crude
Last Update: 7/20/2009 12:37:59 PM
(Adds background, trader comment.)
LONDON (Dow Jones)--Addax Petroleum (AXC.T) said Monday it declared force majeure
on Nigerian Antan crude oil liftings last Tuesday as a result of technical
problems linked to poor weather.
The delay of a tie-in of three wells in Addax's OML123 license area, due the
adverse weather conditions, led to a shortage of crude available for planned
liftings from the floating production, storage and offloading vessel at Antan, a
spokeswoman said in an e-mail to Dow Jones Newswires.
"The liftings will be rescheduled and there has been no impact to Addax
Petroleum's operations or production from OML123," she said.
OML 123 is Addax Petroleum's largest license area as measured by reserves and
production, according to information on the company's Web site, with average
production at 58,420 barrels a day in 2008. There are nine producing oil fields,
two undeveloped oil fields and three unappraised oil discoveries within the area.
The FPSO vessel is the key production facility, gathering oil from production or
wellhead platforms on each field, and has a nameplate crude oil processing
capacity of 60 million barrels a day.
A crude oil trader in London said the price impact from a delay to Antan liftings
would likely be limited.
"It's only usually two or three cargoes," the trader said. "It's a niche grade
rather than a benchmark."
-By Nick Heath, Dow Jones Newswires; (4420) 7842 9405;
nicholas.heath@dowjones.com
(END) Dow Jones Newswires
July 20, 2009 12:37 ET (16:37 GMT)
