HALISTER1: Nigeria Tells Shell, Eni to Cede Oil Field Pending Investigation

Nigeria Tells Shell, Eni to Cede Oil Field Pending Investigation

(Bloomberg) -- Nigerian Judge John Tsoho orders Shell, Eni to cede control of Oil Prospecting License, or OPL, 245 to the Nigerian government pending “investigation and prosecution of suspects” in the sale of the $1.1 billion oil field, according to documents from the Federal High Court in Abuja.
  • Court makes forfeiture order on request from anti-graft agency Economic and Financial Crimes Commission “pending the conclusion of investigation and prosecution” of companies and individuals suspected to be complicit in “connection with acts of conspiracy bribery, official corruption and money laundering” in the oil field sale
  • Court documents say controversial OPL 245 was acquired from the Nigerian Government by Malabu Oil and Gas Limited, owned by a former Oil Minister Dan Etete in “hazy circumstances” in 1998 and afterwards sold to oil giants Shell and Agip “in opaque transactions”
  • NOTE: Earlier, Shell, Eni Told to Temporarily Forfeit Nigeria Oilfield: Reuters
  • NOTE: Nigeria Lawmakers Want Shell, Eni $1.1 Billion Oil Block Award Revoked
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
RDSA LN (Royal Dutch Shell PLC)
ENI IM (Eni SpA)

People
Dan Etete (Federal Republic of Nigeria)

To de-activate this alert, click here

UUID: 7947283