September 20, 2016, 4:48 P.M. ET
By Dimitra DeFotis
Allegedly illegal Nigerian oil exports valued at $12.7 billion are at the heart of a lawsuit the country has filed against units of Chevron (CVX), Royal Dutch Shell (RDSA), Total (TOT) ENI (E) and Petroleo Brasileiro (PBR).
The case points to outsiders’ shipments to the United States between 2011 and 2014, but is likely to expose domestic corruption as well. Militants have crippled Nigeria’s oil production this year, a recurring theme over recent decades. Lagos hearings, which begin next week, come as the country struggles with the affects of policy stagnation, currency devaluation, inflation and low oil revenue.
The AP writes in ” Nigeria sues over $12.7B in ‘illegal’ oil exports“:
“… Some shiploads [of oil products] registered less when they left Nigeria and more on reaching the United States, while some entire shiploads were undeclared in Nigeria, said the officials, who spoke on condition of anonymity because the cases still are in court. The United States was the biggest importer of Nigerian oil until it began exploiting its own shale oil reserves, though Nigerian exports to the U.S. have increased six-fold this year, according to OPEC. …”
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