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Posts on ‘April 13th, 2017’

Shell’s dirty secrets

13 APRIL 2017

Oil company Shell has admitted for the first time that it negotiated with a money-launderer for access to an oil field in 2011. Shell and Italy’s Eni paid $1.3bn to Nigeria for access to the field. But investigators claim $1.1bn was passed to a firm controlled by Dan Etete, a man who was convicted of money laundering in a separate case.

Documents filed by Italian prosecutors claim $466m of that was laundered and passed on to then president Goodluck Jonathan.

SOURCE

Reps Committee To Summon Ex-President Jonathan Over Malabu Oil Scandal

by AIT: 12 April 2017

Courts in Nigeria and Italy are investigating the purchase of the offshore block which was initially awarded in 1998 to Malabu Oil and Gas, in a disputed deal, before Royal Dutch Shell and Eni were awarded the rights in 2011.

Shell and Eni paid $1.3 billion for the rights to the block, which industry estimates say could hold more than 9 billion barrels of oil.

The House of Representatives mandated the committee to “conduct a thorough examination of the process and circumstances surrounding OPL 245 and identify culpability of any persons, groups or organisations,” committee chairman Razak Atunwa said in an emailed statement. read more

Shell pays $29b to Fed Govt

On:

Oil giant Royal Dutch Shell said its Nigerian subsidiary, Shell Petroleum Development Company Limited (SPDC) and Joint Venture (JV) partners, paid $29 billion to the Federal Government over the last five years.

This is contained in the oil majors 2016 Sustainability Report released yesterday. The report said the $29 billion was the economic contribution from  SPDC JV partners to the government from 2012–2016.

It stated that $1.4 billion was Shell’s share of royalties and corporate taxes paid to the government last year, adding that  SPDC’s share was $1billion, while Shell Nigeria Exploration and Production Company (SNEPCo) contributed $0.4 billion. read more

Nigeria to Start Repayment of $5 Billion Oil Debt This Month

by Elisha Bala-Gbogbo: 

Nigeria will start paying back a $5.1 billion debt owed to international oil companies, including Exxon Mobil Corp. and Royal Dutch Shell Plc, with a first installment this month in accordance with an agreement reached last year.

“The initial payments would be made by the end of April 2017,” Emmanuel Kachikwu, Nigeria’s Minister of State for Petroleum Resources, said in an emailed statement Wednesday. The energy companies are expected to reciprocate “by ensuring that they ramp up investments in the country’s oil and gas sector,” he said. read more

Shell claims low-carbon edge

On Monday, reports surfaced that some of Shell’s money circulating in Nigeria was used for payoffs.

April 12 (UPI) — One of the largest oil companies in the world, Royal Dutch Shell said Wednesday it was focused on a low-carbon strategy that was geared toward long-term growth.

Shell highlighted its movement through a changing energy landscape in a sustainability report on activities last year. Chief Executive Officer Ben van Buerden said in the report that lower crude oil prices and a global community coordinated around the U.N.-backed Paris climate agreement meant changes were necessary for the oil and gas business. read more

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