ExxonMobil (XOM.N) has resumed operations at its Nigerian facility following a labor deal with its internal union on wages and conditions.
Exxon had to declare force majeure against oil exploration in ports nationwide as a result of strike actions.
A statement from Nigeria’s state oil company NNPC Ltd. said earlier this week that Exxon’s labor dispute had been resolved thanks to a wage increase deal acceptable to both the union and Exxon.
The problem effectively cuts oil production by 300,000 barrels per day, according to NNPC, which manages joint ventures with major oil companies such as Exxon. Nigeria aims to increase production from 1.6 million barrels per day to 1.8 million barrels per day by the end of the year.