Shell and Eni retake control of the oil field in Nigeria

One of the biggest prospects for oil in Africa is back in the hands of Shell and Eni oil after a Nigerian court reversed an earlier decision to take a block of offshore exploration and production that has been the target of corruption allegations.

The decision of the Supreme Court in Abuja followed an appeal by Shell and Eni against the order of the same court, made in January 2017, for the pair temporarily lose control of a license deepwater called OPL 245. Each oil has a 50% block of the license.

Estimates of production of that license in deep water is up to 9 billion barrels of oil, which would be enough to cover the current total national production in Nigeria for more than a decade. The block has been the subject of long-term investigations in Nigeria and Italy on claims that much of the $ 1.3 billion paid by Shell and Eni for the asset in 2011 ended with its political and Nigerian associates.

The commission of economic and financial crimes in Nigeria filed charges against Shell, Eni and others in connection with the case in early March, and a promoter of Milan last month made a formal request that the companies were judged in Italy for corruption.

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