Nigeria’s Oil Licence Bribery Allegation: Shell Speaks on Dismissal of Investigation
Nigeria’s oil licence bribery allegation: Shell Plc. made the following statement after the Dutch Public Prosecutor’s office announced it had dismissed its investigation into bribery allegations related to Oil Prospecting Licence (OPL) 245 in Nigeria.
The company said: “We welcome today’s decision, which marks an end to the criminal investigation in The Netherlands. It follows the Milan Public Prosecutor’s appeal withdrawal earlier this week, which ended all criminal proceedings and confirmed the Milan Tribunal’s decision to acquit Shell and four of our former employees in March 2021.
“The Milan Public Prosecutor acknowledged that there was no evidence of a corrupt agreement or corrupt payments, which this case should end because it has no foundations and that the defendants have the right to see the end of criminal proceedings, having endured seven years of suffering.
“Today’s dismissal underscores what we have long maintained – that there was no case to answer for Shell or its former employees regarding the 2011 OPL 245 settlement, and that this case should have never been brought.”
As per MRC, Shell is considering boosting shareholder returns on the back of bumper profits from soaring energy prices, while the extra cash will also help it shift more swiftly towards renewables and low-carbon energy.
Europe’s largest oil and Gas Company, as well as rivals including BP, have seen profits surge this year following two years of declining revenues due to the pandemic. READ: Shell Unveils New Business Line in Nigeria
CEO Ben van Beurden and Shell’s board have been deliberating for months over what to do with the unexpected profit bonanza that began with the recovery from the pandemic and which was then spurred on by Russia’s invasion of Ukraine.
As per MRC, Shell said surging demand for oil products that had almost tripled refining profits in the second quarter would boost earnings by up to USD1.2 bn. In an update before second-quarter results on July 28, Shell also said it would reverse up to USD4.5 B in write-downs on oil and gas assets after it raised its energy prices outlook following Russia’s invasion of Ukraine.
Earnings from oil and refined products trading were expected to be strong in the quarter but lower than the first quarter of 2022, Shell said. #Nigeria’s Oil Licence Bribery Allegation: Shell Speaks on Dismissal of Investigation
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