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Nigeria: Consultants estimate government lost nearly $6bn in 2011 oil deal with Shell and Eni

Author: Anjli Raval, Financial Times, Published on: 26 November 2018

"Nigeria 'lost billions' on oil deal with Shell and Eni", 26 November 2018.

Resources for Development Consulting found that Nigeria stood to lose out on nearly $6bn in projected revenues because of the unusual structure of the 2011 deal for one of Africa’s most lucrative remaining oil concessions. Campaign group Global Witness commissioned the consultants...The undeveloped deepwater plot, named OPL 245, is already at the heart of a corruption trial in Milan where prosecutors have alleged bribes of $1.1bn out of a $1.3bn deal were paid to public officials for the licence. The report raises questions about why Nigeria would have agreed to such a deal and will be seized on by anti-corruption campaigners, who allege officials for years conspired with multinational companies to plunder the country’s oil riches...Shell said it could not comment in detail about the report given the Milan trial but said the deal was a “fully legal transaction”, adding there was “no case against Shell or its former employees”. Eni said the analysis contained “incorrect technical and contractual assumptions” adding Nigeria has an option to take a share in the plot after costs have been recovered. It rejected any allegation of “impropriety or irregularity” in the deal...

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Related companies: Eni Royal Dutch Shell (Shell)