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Nigerian court overturns seizure of oilfield from Shell, Eni

Mar. 17, 2017 10:49 AM ETShell plc (SHEL) StockSHEL, EBy: Carl Surran, SA News Editor3 Comments
  • A Nigerian court overturns a request by Nigeria's financial crimes agency to seize an oilfield from Royal Dutch Shell (RDS.A, RDS.B) and Eni (NYSE:E).
  • In January, a court had ordered the seizure of the OPL 245 oil block and transfer of operations to the government following a request by the agency, which was investigating whether the $1.3B purchase of the block in 2011 involved "acts of conspiracy, bribery, official corruption and money laundering."
  • The Nigerian case is the latest of several inquiries, following those by Dutch and Italian authorities, into the purchase of OPL 245, which could hold up to 9.2B barrels of oil.

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