Today: 21-04-2024

Shell's Official Confirmation: Nigeria Withdraws Oilfield Claim

LONDON, Nov 17 (Reuters) — In a significant development, Shell (SHEL.L) officially confirmed on Friday that Nigeria has withdrawn civil claims amounting to $1.1 billion against the company regarding allegations of corruption linked to a 2011 oilfield deal. A Shell spokesperson expressed satisfaction, stating, "We are pleased that this claim has been withdrawn. It brings an end to all legal cases against Shell on OPL 245 in Italian courts."

This announcement follows the 2021 acquittal by an Italian court, clearing Shell, Eni (ENI.MI), the operator of the OPL 245 oilfield, and company executives of corruption allegations related to the acquisition of the field a decade earlier. Eni (ENI.MI) also confirmed the withdrawal of the claim by Nigeria on Thursday.

The resolution of this legal matter marks a significant milestone for Shell, bringing closure to a prolonged legal battle and reinforcing the exoneration secured in the Italian courts last year. As the energy giant looks ahead, this development contributes to a more stable legal landscape surrounding its involvement in OPL 245.

Reporting by Ron Bousso, Editing by Louise Heavens

Our Standards: The Thomson Reuters Trust Principles.

In conclusion, Shell's official confirmation of Nigeria's withdrawal of civil claims amounting to $1.1 billion signifies a pivotal moment in the company's legal history. The resolution brings closure to a prolonged legal battle and reinforces the exoneration obtained in the Italian courts in 2021. With the withdrawal of the claim against Shell and Eni in relation to the OPL 245 oilfield deal, both companies can now move forward with a more stable legal outlook. This development not only marks a significant milestone for Shell but also underscores the importance of international legal proceedings in addressing complex issues within the energy sector. As the industry continues to evolve, this resolution contributes to shaping a more transparent and accountable framework for future dealings in the global energy landscape.