• 3 minutes Shale Oil Fiasco
  • 7 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 12 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 16 minutes Global Debt Worries. How Will This End?
  • 1 min DUMB IT DOWN-IMPEACHMENT
  • 1 min Greta named Time Magazine "Person of the Year"
  • 5 hours POTUS Trump signs the HK Bill
  • 1 hour Everything you think you know about economics is WRONG!
  • 5 hours americavchina.com
  • 6 hours Forget The Hype, Aramco Shares May be Valued At Zero Next Year
  • 1 day WTO is effectively neutered. Trump *already* won the trade war against China and WTO is helpless to intervene
  • 1 day Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 6 hours Winter Storms Hitting Continental US
  • 6 hours Aramco Raises $25.6B in World's Biggest IPO
  • 16 hours Can Renewable Natural Gas Compete With Diesel?
The Best And Worst Oil Majors Of 2019

The Best And Worst Oil Majors Of 2019

2019 has been a tough…

China Quietly Ramps Up Oil Production In Iran

China Quietly Ramps Up Oil Production In Iran

Following the strategic partnership Tehran…

Shell Faces Trial In The Netherlands Over Nigeria Oil Block Deal

Shell Niger Delta

Shell is facing prosecution from the Dutch authorities over its acquisition of an offshore oil and gas block in Nigeria a few years ago, Reuters reports. The Anglo-Dutch supermajor is already a defendant in a trial for the same deal in Italy.

The 2011 acquisition of block OPL 245 in Nigeria by Shell and Eni, according to Italian and Nigerian prosecutors, involved a transfer of money to personal accounts held by the Nigerian oil minister at the time. The official, Dan Etete, was later convicted of money laundering by a French court in a separate, unrelated case.

The sum of the OPL 245 deal was US$1.3 billion, an investigation revealed, of which US$1.1 billion was used to bribe politicians and businessmen to secure the deal. Shell and Eni have insisted they were unaware of any wrongdoing at the time.

“Based on the preliminary criminal investigation, public prosecutors concluded that there are prosecutable offences,” Reuters quoted a spokeswoman for the Dutch prosecution authorities as saying.

The Dutch prosecutors add pressure on the supermajor, which is also being targeted by the Nigerian authorities for unpaid taxes, media reported earlier this month.

Nigeria has demanded that several international oil companies that operate in the country pay about US$20 billion in taxes they owed to local states. Among them, in addition to Shell, are Total, Chevron, and again Italy’s Eni.

Shell is the largest investor in Nigeria among these companies and has denied it owed any tax payments. The company also said it will dispute the government’s demand, adding the affair would delay the start of expanded production at one of Nigeria’s largest fields, Bonga.

Separately, a trial about OLP 245 is due to begin at the end of this month in Nigeria. This case, brought to the court by a human rights organization—Human and Environmental Development Agenda—seeks the revoking of the license for OPL 245 citing transparency and accountability problems with the process that led to its issuance.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play