Nigerian Parliamentary Committee To Investigate Awarding Of Permit

Nigeria's lower house of parliament has set up a committee to investigate the circumstances surrounding the award of oil prospecting licence 245. Courts in Nigeria and Italy are investigating the purchase of the offshore block. In 1998, it was initially awarded to Malabu Oil and Gas, in a disputed deal. Then in 2011, Royal Dutch Shell and Eni were awarded the prospecting rights. Shell and Eni paid 1.3 billion dollars for the rights to the block, which industry estimates say could hold more than 9 billion barrels of oil.
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