Shell, Eni regain control over Nigerian oil block after court ruling

Shell, Eni regain control over Nigerian oil block after court ruling

A Nigerian court has reportedly overturned its earlier ruling on the temporary forfeiture of an offshore oil block jointly owned by Shell and Eni which they bought for $1.3 billion in 2011.

According to the Nigerian media, Justice John Tsoho of the Federal High Court, Abuja, on Friday upheld the application Shell and Eni had filed objecting the initial forfeiture order

To remind, the court had ordered a temporary forfeiture of the block in January, following a motion by the Economic and Financial Crimes Commission, and „pending conclusion of investigation and prosecution of oil companies and other individuals named in connection with acts of conspiracy, bribery, official corruption and money laundering.”

The controversial 2011 transaction has been investigated not just by the Nigerian, but also Dutch and Italian authorities, following allegations that some $800 million of the full transaction amount ended up in private pockets, and only some $200 million went to the Nigerian government.

Both Eni and Shell have been denying any wrongdoing ever since the start of the investigation.

Commenting on the ruling, a Shell spokesperson told Offshore Energy Today: “SNEPCO welcomes the outcome of the hearing on 17 March in the Federal High Court to discharge the forfeiture of OPL245.  As the case itself, relating to the 2011 settlement of the associated long-standing disputes of the offshore block, is the subject of ongoing investigations, it would be inappropriate to comment further.”

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Apr 2017 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

OGA 2017

OGA 2017 is the most beneficial way to meet, discuss and acquire the latest in the Oil & Gas industry! …

read more >

Offshore Technology Conference (OTC) 2017

The Offshore Technology Conference (OTC) is where energy professionals meet to exchange ideas and opinions to advance scientific…

read more >

Middle East Offshore Support Journal Conference

The 4th Annual Middle East OSJ Conference in Dubai brings together leading shipowners, oil and gas majors, shipbuilders, investors…

read more >

Future Conference: Wind & Maritime

The sixth Future Conference: Wind & Maritime – the conference in north-eastern Germany that connects wind wnergy with maritime industry…

read more >

Jobs>

Assistant Driller

Maersk Drilling Norge AS was established in 1990 and employs a staff of approximately 1000 people.

apply

QC Coordinator Offshore

Do you attach great importance to quality and do you have an affinity with offshore projects? Then read about what Van Oord can offer you.

apply

Electrician

For one of our clients we are looking for a Ships Electrician. Our client is a company with worldwide activities. You will work in a rotation of 4 till 6 weeks on and off.

apply