Bonny Light oil oil produced in Angola. The Bonny Light is in high demand specifically by American and European refineries. It is therefore a major source of income for the oil-rich nation. The national government of Nigeria runs and takes part in the petroleum industry of Nigeria through the NNPC corporation. Libya's NOC also owns a 36% stake in NNPC which is valued at $112 Billion. Bonny Light oil Bonny Light oil is a high grade of Nigerian crude oil with high API gravity (low specific gravity), produced in the Niger Delta basin and named after the prolific region around the city of
Nigerian Civil War of 250,000 pounds. The news of this payment reached the Federal government, which immediately extended the shipping embargo to oil tankers The Nigerian government also made it clear to Shell-BP that it expected the company to pay all outstanding oil royalty immediately. With the stalling on the payment for Biafra government ask Shell-BP to stop operations in Biafra and took over from the company. Towards the end of July 1967, Nigerian federal troops and marines captured Bonny Island in the Niger Delta, thereby taking control of vital Shell-BP facilities. Operations began again in May 1968, when Nigeria captured Port Harcourt.