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Shell Loses $4.6bn to Nigeria’s OPL 245, Other Assets

Shell has stated that a post-tax impairment charge of $4.658 billion was “mainly related to unconventional assets in North America, assets offshore in Brazil and Europe, a project in Nigeria – Oil Prospecting Lease (OPL) 245, and an asset in the United States Gulf of Mexico.”

This is coming as Nigeria has restated its readiness to comply with an oil output quota of 1.412 million barrels per day for May, June and July.

Reuters reported that the company said that its second-quarter 2020 write-downs include, the OPL 245 licence for an offshore oilfield in Nigeria which it holds alongside Eni and which is at the centre of an ongoing corruption court case in Italy.

Italian prosecutors have asked for Eni and Shell to be fined and some of their present and former executives, including Eni’s CEO, Mr. Claudio Descalzi, to be jailed in a long-running trial over alleged corruption in Nigeria. All the defendants have denied any wrongdoing.

Meanhile, Nigeria has restated its determination to comply with an oil output quota of 1.412 million barrels per day for May, June and July.

The Minister of State for Petroleum, Chief Timpire Sylva made the comments during a webinar organised by Seplat Petroleum Development Company Plc.

OPEC countries and allies led by Russia, known as OPEC+, have agreed to reduce output in the face of the coronavirus crisis which has reduced global demand by a third.

 

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