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Posts under ‘Malabu Oil Deal’

Eni’s strong performance clouded by allegations of bribery

Extract taken from FT article relating to OPL 245 Shell/ENI/Malabu Oil Deal/Dan Etete/Malcolm Brinded billion dollar scandal: 

Eni reports record oil and gas production

Eni’s strong performance has been clouded by allegations of bribery related to a $1.3bn deal in 2011 to acquire one of Nigeria’s largest untapped oilfields. Mr Descalzi and several other current and former executives are due to stand trial for alleged corruption in Milan in March. Mr Descalzi has denied wrongdoing and Eni’s board has maintained its “full confidence” in him. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Nigerian court sets Malabu oilfield corruption case hearing for June 18

ABUJA, Feb 15 (Reuters) – A Nigerian court has set a hearing over a disputed 2011 oilfield deal for June 18, the country’s financial crimes watchdog said on Thursday, part of a string of international corruption probes into the purchase.

The case relates to a purchase of the offshore OPL 245 oilfield in Nigeria by oil majors Royal Dutch Shell and Eni in 2011.

At the core of the case is a $1.3 billion payment from Shell and Eni to secure the block from Malabu Oil and Gas, allegedly controlled by former Nigerian oil minister Dan Etete. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Inside the Bribery Scandal Sweeping Through the Oil Industry

Shell and Eni paid $1.3 billion for oil rights in Nigeria. Whether the money was mostly a bribe is at the heart of one of the industry’s most dramatic criminal cases

EXTRACTS

By Sarah Kent in Abuja, Nigeria, and Eric Sylvers in Milan: Feb. 13, 2018 12:40 p.m. ET

A top oil executive walked into the marble lobby of an exclusive Milan hotel on a chilly winter night. His dinner date was a former Nigerian oil minister offering to sell one of Africa’s biggest untapped oil discoveries.

Eight years later, the question of whether the $1.3 billion paid for the license to that prized oil field was mostly a bribe is at the heart of one of the biggest bribery scandals the oil industry has ever seen.

Shell executives, including Malcolm Brinded, Shell’s global exploration and production chief at the time of the deal, will also be tried on those charges, as well as both companies. Eni and Shell both deny wrongdoing, saying they simply paid the government and didn’t know the money would be used for … read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

With corruption investigations widening, oil companies with ties to Houston face reckoning

Big names in Houston’s energy world, like KBR, Shell and SBM Offshore, were suddenly having to explain how they came to win drilling rights and contracts worth billions of dollars in countries like Nigeria, Angola and Brazil. That money was then to be passed to Malabu Oil and Gas, a company controlled by the former Nigerian oil minister and convicted money launderer Dan Etete. For years, Shell said it was unaware of what happened to the money, but emails obtained by Global Witness indicated that the company knew the money was going to Malabu. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan

Nigeria sues JP Morgan for $875 million over Malabu oilfield deal

Late last year, a Milan judge ruled that Shell and Eni must stand trial in Italy… 

Libby George, Julia Payne: 18 JAN 2018 LONDON (Reuters) – Nigeria has filed a claim against JP Morgan Chase for more than $875 million, accusing it of negligence in transferring funds from a disputed 2011 oilfield deal to a company controlled by the country’s former oil minister.

A spokeswoman for JP Morgan dismissed the accusation on Thursday, saying the firm “considers the allegations made in the claim to be unsubstantiated and without merit”.

The suit filed in British courts relates to a purchase of the offshore OPL 245 oilfield in Nigeria by oil majors Royal Dutch Shell and Eni in 2011.

At the core of the case is a $1.3 billion payment from Shell and Eni to secure the block that the lawsuit says was deposited into a Nigerian government escrow account managed by JP Morgan. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnews.net and cybergriping.com are all owned by John Donovan
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