MALABU OIL DEAL: Court returns OPL 245 to Shell, ENI

The Oil Prospecting Licence 245, otherwise known as Malabu oil deal, one of Nigeria’s richest oil blocks has been returned to Shell and ENI.

This came after an Abuja Division of the Federal High Court reversed its previous ruling which took away the ownership of the oil blocks from Shell and ENI.

Following a motion by the Economic and Financial Crimes Commission (EFCC), the court on January 26, issued an order that the ownership of the oil block be retrieved from the multinational companies.

Sequel to that, Shell and ENI filed an application in the court challenging the ruling. They argued that the rights of parties to fair hearing were not observed before the ruling was reached.

Read also: How NNPC debt to oil majors is re-igniting tension in Niger Delta

Shell and Eni therefore asked the court to upturn the order and allow parties to the matter address the issue legally.

However, ruling on the matter, Justice John Tsoho ordered that Shell and Eni should have back the oil block.
The ruling came after the judge refused the application by Malabu to join in the matter.

Malabu was the company which the oil block was given to in 1998, in a manner that was controversial.

 

 

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