Nigeria Lawmakers Want Shell, Eni $1.1 Billion Award Revoked
This article is for subscribers only.
Nigeria should revoke oil rights for which Royal Dutch Shell Plc and Eni SpA paid $1.1 billion, a parliamentary committee said, alleging that the acquisition process was “highly flawed.”
Shell and Eni jointly bought Oil Prospecting License 245 from Malabu Oil & Gas Ltd., controlled by Dan Etete, a former oil minister, in 2011. Located in the deep offshore waters of the Gulf of Guinea, it is estimated to hold at least 9 billion barrels of crude reserves worth $1 trillion, according to a probe report by a House of Representatives committee filed as a public record and provided to Bloomberg yesterday.