New battle begins over Nigerian OPL 245 as contract expires

摘要

The battle over OPL 245 off Nigeria continues with the production sharing contract having nominally expired although operator Eni is fighting a battle to keep it and have it transferred to a development lease.The block is notorious for the US $1.3 Bn sale process to Eni and Shell by Malabu Oil with a court in Milan acquitting the oil companies over accusations of corruption.The Milan prosecutor has yet to decide whether to appeal and the Nigerian government is taking its own action against JPMorgan which was responsible for the transfer of the funds.