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Eni To Invest 20bn Euros In Africa In Next Four Years

….Declares Force Majeure On Brass River Grade Crude

The Chief Executive Officer of Eni, Claudio Descalzi, has said that the company plans to invest about 20 billion euros ($22.52 billion) in Africa over the next four years, mostly in oil and gas.

“In the next four years we are going to invest about 20 billion euros in Africa, about 60 percent of our investments,” Descalzi said at the International Energy Agency in Paris.

Meanwhile, Eni has also declared a force majeure on Nigeria’s Brass River grade of crude oil, a trader said.

This has once again thrown a spotlight onto the unreliability of exports from Nigeria that is plagued by oil theft.

According to the report, the trader said the force majeure was declared after a fire on a pipeline.

Eni, the report said, did not immediately respond to a request for confirmation of the outage, but noted that the force majeure on Brass River adds to one from Shell on the Forcados grade of crude oil that is still in place.

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According to the report, the implication of this is that output for June is likely to be low, noting that the June export programme was expected to start emerging next week.

The report noted that repair work on the pipeline feeding Nigeria’s Forcados crude oil to the export terminal is expected to take until June, saying that Nigeria’s June export programme is set to come to market from early next week.

Independent learnt that around 142,000 barrels per day of Brass River was due to be exported in May according to the loading programme.