The UK will try Glencore's former head of oil in 2027 on charges of bribery
In 2027, Glencore's former oil head Alex Beard will be tried in London on charges of bribery along with five other former employees of the Swiss commodity trading company. Beard was not asked to enter his plea during a short hearing on Wednesday at London's Southwark Crown Court. He had indicated in his first court appearance that he would plead not-guilty. The 57-year old is accused of two counts of conspiracy for corrupt payments made to officials of government-owned oil companies and to officials of the Nigerian government between 2010 and 2014.
Nigerians Pursue Shell Spill Case in the UK
The Supreme Court in London will hear an appeal by Nigerian farmers and fishermen to pursue claims in England against oil major Shell over oil spills in the Niger Delta, lawyers for the two affected communities said on Wednesday.The decision to hear the appeal re-opens the possibility for British multinationals to be held liable at home for their subsidiaries' actions abroad.
Nigeria Sues Shell, Eni Over Oil Deal
Lawyers for the Nigerian government said they had filed a $1.1 billion lawsuit against Royal Dutch Shell and Eni in a commercial court in London on Thursday in relation to a 2011 oilfield deal.The OPL 245 oilfield is also at the heart of an ongoing corruption trial in Milan in which former and current Shell and Eni officials are on the bench."It is alleged that purchase monies purportedly paid to the Federal Republic of Nigeria were in fact immediately paid through to a company controlled by Dan Etete…
Shell to Make Final Investment Call on Nigeria Oilfield in 2019
Royal Dutch Shell and its partners will decide next year on whether to go ahead with the development of Nigeria's Bonga Southwest offshore oilfield, a senior company official said on Tuesday.The project, one of the country's largest with an expected production of 180,000 barrels per day, will generate profit at below $50 a barrel, Bayo Ojuli, managing director of Shell Nigeria Exploration and Production Company, told reporters.Shell is currently negotiating a production sharing contract with the Nigerian government which will determine the viability of the project, he said.
Shell: Nigeria Payments, Oil Theft Climbed in 2017
Shell's payments to the Nigerian government grew to $4.32 billion in 2017, up nearly 19 percent from $3.64 billion in 2016, according to its annual sustainability report released on Monday. The bulk of the payments, $3.197 billion, went to state oil company NNPC for production entitlement. Crude oil theft from pipelines of Shell's Nigerian subsidiary SPDC increased by some 50 percent, rising to roughly 9,000 barrels per day (bpd) in 2017 from 6,000 bpd in 2016, the report said.
JP Morgan Knew Ex-minister Linked to Firm in Nigeria Oilfield Deal
JP Morgan Chase has acknowledged it knew a former Nigerian oil minister convicted of money laundering would benefit when it transferred over $800 million of government funds to a company he controlled, according to a court document seen by Reuters. JP Morgan made the acknowledgement in its legal response to a lawsuit filed by Nigeria over transactions made by the U.S. bank when Royal Dutch Shell and Eni bought offshore oilfield OPL 245 from Malabu Oil and Gas in 2011.
Shell Targets Former Senior Executive in Nigeria Graft Complaint
Royal Dutch Shell has filed a criminal complaint against a former senior employee over suspected bribes in the $390 million sale of an oilfield in Nigeria, where the company is already under investigation over a separate deal. Dutch prosecutors confirmed they had received the complaint against Peter Robinson, a former vice president for sub-Saharan Africa. They said it would be included in an ongoing investigation into Shell and Italy's Eni over the acquisition of a different Nigerian oilfield, known as OPL 245. Shell and Eni deny any wrongdoing related to OPL 245.
UK Court: Nigerians Cannot Pursue Shell Claim in England
The Court of Appeal in London ruled on Wednesday that two Nigerian communities cannot pursue Royal Dutch Shell in English courts over oil spills in Nigeria's Delta region. The split decision upheld a High Court ruling last year that was a setback to attempts to hold British multinationals liable at home for their subsidiaries' actions abroad. The court rejected the appeal from law firm Leigh Day on behalf of Nigeria's Bille and Ogale communities, and upheld a ruling…
Shell, Eni Accused in Alleged Nigeria Corruption
An Italian judge has ordered Royal Dutch Shell and Eni to stand trial over alleged corruption in Nigeria with the CEO of Eni among past and present managers involved, legal sources said on Wednesday. The case involves the 2011 purchase by Eni and Shell of Nigeria's OPL-245 offshore oilfield - one of Africa's most valuable oil blocks - for about $1.3 billion. Besides the two companies, 13 people including Eni CEO Claudio Descalzi and former chairman of the Shell Foundation Malcolm Brinded were put on trial, the sources said.
Protesters Storm Shell's Niger Delta Crude Station
Hundreds of Nigerian protesters stormed a crude oil flow station owned by Shell in the restive Niger Delta on Friday demanding jobs and infrastructure development, a Reuters witness said. The protesters complained they were not benefiting from oil production in their area, a common refrain in the impoverished swampland that produces most of Nigeria's oil. They also demanded an end to oil pollution in the area. Soldiers and security guards did not disperse the crowd as it entered the Belema Flow Station in Rivers State, which feeds oil into Shell's Bonny export terminal.
Nigerian Government to Mediate Between Union, Exxon to End Strike
A Nigerian oil labour union and U.S. oil major Exxon Mobil Corp will hold talks with government officials early next week in an effort to end a strike over the sacking of workers, a union official said on Friday. Workers at Exxon Mobil went on strike this week to protest against the sacking of 150 staff in December. Nigerian labour unions have held a number of similar strikes in the past few months. "There are arrangements for both parties to meet early next week with the federal government…
Shell Knew Payments Would Go to Nigeria's Malabu
Royal Dutch Shell has said it knew that some of the payments it made to Nigeria for the rights to an oilfield would go to Malabu Oil and Gas, a company associated with a former Nigerian oil minister and convicted money launderer. Shell spokesman Andy Norman said the group had known the Nigerian government "would compensate Malabu to settle its claim on the block". Shell previously had said only that its payments from the 2011 deal went to the Nigerian government. In an email to Reuters…
Eni, Shell Deny Illicit Payments in Nigeria
Oil majors Royal Dutch Shell and Eni reiterated on Monday that neither they nor their personnel had been involved in any wrongdoing in Nigeria, including improper payments to Nigerian officials. The comments follow media reports alleging how hundreds of millions of dollars from the two companies were used for illicit payments. A joint investigation by BuzzFeed News and Italian newspaper Il Sole 24 Ore on Sunday claims to show transactions worth $1.3 billion made in 2010-2011 that Shell and Eni paid to acquire an exploration licence for an offshore oil block known as OPL 245.
Trans Forcados Pipeline Restart Seen at Q2 End
Nigeria's Trans Forcados Pipeline which has been shut for most of the last year could reopen "towards the end of the second quarter", Seplat Chief Executive Austin Avuru said. The pipeline, operated by the Nigerian Petroleum Development Company (NPDC), has been hit by several militant attacks, the first on a subsea section in February. Although it reopened briefly in the autumn after months of repairs, further attacks meant the pipeline quickly closed again. Sources have told Reuters that while repairs are again underway…
Shell Battles Nigerian Communities in High-stakes Lawsuit
Nigerian communities say domestic courts unfit to try case. A court in London will decide in coming weeks whether Royal Dutch Shell can face trial in the UK over oil spill allegations in Nigeria, a decision some legal experts predict could attract more cases against multinationals in Britain. The High Court will judge whether members from two communities, Bille and Ogale in Nigeria's oil-rich Delta region, can sue the Anglo-Dutch company in British courts. The communities…
Nigeria Needs Billions in New Investment to Raise Oil Output
Nigeria needs at least $14 billion a year in new investment over the next five years to raise oil output to 2.2 million barrels a day (bpd) and even higher spending to lift it to 3 million bpd, the head of a company producing oil in the country said. Ladi Bada, chief executive of Shoreline Natural Resources, a joint venture with oil and gas interests in southern Nigeria, estimated that about $9 billion a year is currently being invested in the oil industry from public and private sources. Nigeria's oil industry has long suffered from under-investment.
Nigeria sues ENI, Chevron, and Others
Nigeria has filed a lawsuit against Italian energy firm ENI, U.S. major Chevron and other international oil firms over some crude exports, ENI, Chevron and a government official said on Tuesday. "The claim dates back to last March and refers to a request to our subsidiary in Nigeria for a payment of about $160 million," ENI said by email. "ENI believes the claim has no ground and shall resist in court," it said. Chevron said by email: "This matter is the subject of ongoing litigation before the court in Nigeria.
Anger in the Delta Keeps Nigerian Crude Offline
Splinter militant groups a hurdle to ceasefire talks. Oil companies and even Nigerian officials are losing faith in a deal anytime soon with militants who have slashed the nation's oil output, casting doubt on a production recovery in what is typically Africa's largest oil exporter. In the six months since the first major attack on Nigeria's oil - a sophisticated bombing of the subsea Forcados pipeline - dozens of attacks have pushed outages to more than 700,000 barrels per day (bpd), the highest in seven years.
Anger in the Delta Keeps Oil Majors Quiet
Oil companies and even Nigerian officials are losing faith in a deal anytime soon with militants who have slashed the nation's oil output, casting doubt on a production recovery in what is typically Africa's largest oil exporter. In the six months since the first major attack on Nigeria's oil - a sophisticated bombing of the subsea Forcados pipeline - dozens of attacks have pushed outages to more than 700,000 barrels per day (bpd), the highest in seven years. Talk in the country has shifted from ceasefire optimism…
Refiners Cold, Oil Unsold amid Nigerian Chaos
Refineries from India to the United States are backing away from buying Nigerian oil amid heightened uncertainty about deliveries as the country squares up to militants in the restive Delta region. Their reluctance to buy is limiting the prices Nigeria can get for its oil even as there is less of it - another hit to the finances of a country battling its worst economic crisis in decades. A group calling itself the Niger Delta Avengers has staged a number of attacks on oil installations belonging to Shell…
