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Business/ ENERGY
For a while, insinuations that certain oil companies operating in Nigeria engage in underhand activities in the process of carrying out their businesses had been rife. Emmanuel Addeh writes that the latest dust raised by Aiteo E&P’s accusation that Shell Petroleum Development Company (SPDC) wilfully carried out unfair dealings against it, has again brought the matter to the fore, highlighting that the indigenous oil concern appears to have a strong case against the international oil giant
It started like the usual rumours, mostly unsubstantiated, of how the oil sector is exceptionally dirty, but since documents surfaced about how SPDC allegedly short-changed some local oil firms, it has almost taken the form of a scandal.The bone of contention is that between 2016 and 2018, SPDC putting to use a metering device not approved by the Department of Petroleum Resources (DPR) short-changed local operators, Aiteo, being the hardest hit, to the tune of millions of barrel
Shell says allegations of involvement in oil theft misleading today.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from today.ng Daily Mail and Mail on Sunday newspapers.
PHOTO: GOOGLEThe Shell Petroleum Development Company of Nigeria (SPDC) says allegations of involvement in oil theft at its Bonny Crude Export Terminal is misleading.
The News Agency of Nigeria (NAN) reports that a 2 million barrels crude deficit between 2016 and 2018 reported at the Bonny terminal operated by SPDC has caused a dispute amongst several oil firms that use the oil export facility.
Aiteo Exploration and Production Company claimed that SPDC shortchanged it of 1,022,029 barrels of crude while using the Bonny Crude Export Terminal operated by SPDC between 2016 and 2018.
Aiteo, an indigenous oil firm which acquired OML 29 for US$2.4 billion following SPDC’s 2015 divestment of its 45 per cent stake from the asset.
LAGOS A federal court in Lagos has issued an injunction barring Royal Dutch Shell’s Nigerian subsidiares from withdrawing money at 20 local banks until it…