November 22, 2017

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BlackBerry putting itself up for sale -

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Wednesday, August 7, 2013

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Nigeria, others to re-evaluate Trans-Saharan gas project -

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Thursday, August 1, 2013

Our role in the $1.09b Malabu Oil mess, by Shell -

Wednesday, July 31, 2013

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Tuesday, July 30, 2013

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Friday, July 26, 2013

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Friday, July 26, 2013

Fed Govt stops project variation beyond 15% of initial cost -

Thursday, July 25, 2013

Our role in the $1.09b Malabu Oil mess, by Shell

Our role in the $1.09b Malabu Oil mess, by Shell... NAIJA INTEL

The controversy over the $1.092, 040,000 Malabu Oil deal continues with one of the parties, Shell Nigeria Ultra Deep Limited (SNUD) opening up on how it acquired 40 per percent equity in Oil Prospecting Licence (OPL) 245 in 2000.

The company insisted that it followed due process and consulted with relevant officials in the administration of ex-President Olusegun Obasanjo.

It also claimed that it received verbal assurances from the then Vice-President Atiku Abubakar that there was no objection from the Federal Government to Shell acquiring an interest in OPL 245.

It attributed the current crisis to the withdrawal of the allocation of OPL 245 to Malabu in July 2001 and how Obasanjo allegedly made a u-turn on March 25, 2002 leading to threats of legal action from Malabu Oil and Gas.

Shell admitted that the revocation of the oil block was shocking as “no explanation was given”. The Anglo-Dutch firm said it paid $210million as signature bonus for the oil block and operates the block on a Production Sharing Contract (PSC) basis.

It said S$ 209 million of the $210million signature bonus had remained in an escrow account ever since and with accruing interest; it grew to S$231, 299, 884.04 as of February 2008.

These facts were contained in a Claimant’s Memorial filed by SNUD before the International Centre for Settlement of Investment Disputes.

A copy of the Memorial was exclusively obtained yesterday by our correspondent.

Mutiu-Sunmonu..Our role in the $1.09b Malabu Oil mess, by Shell... NAIJA INTEL

Mutiu-Sunmonu..Our role in the $1.09b Malabu Oil mess, by Shell… NAIJA INTEL

The memorial is expected to be tabled before the UK Police which has stepped into the investigation of the Malabu Oil deal.

The memorial said: “In 1998, during the Gen. Sani Abacha military regime, OPL 245 had been allocated to Malabu on behalf of the Ministry of Petroleum Resources by Mr. Dan Etete in his capacity as the then Presidential Adviser on Petroleum and Energy. Malabu was an indigenous Nigerian company, incorporated on 24 April 1999, with Nigerian shareholders, apparently for the purpose of petroleum prospecting.

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IMAGE: www.bloomberg.com

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