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Eni's Acquisition of OPL 245 Given Legal Clearance

Source: www.gulfoilandgas.com 12/22/2016, Location: Africa

Eni takes note of the closure of the investigation and reaffirms the propriety of the transaction related to the acquisition of the OPL 245 operating license. Eni and Shell concluded the transaction with the Nigerian Government, without the involvement of any intermediaries.

As soon as the company discovered that the acquisition process of OPL 245 was under investigation it appointed an independent, internationally renowned US law firm to conduct extensive verification of the propriety and regularity of the aforementioned procedure.

The independent investigation demonstrated the regularity of the acquisition procedure of OPL 245, carried out in compliance with the applicable laws.

In particular, there was no evidence of payments from Eni to officials of the Nigerian Government. The amount paid by Eni and Shell for the OPL 245 block was deposited directly into an account owned by the Nigerian Government.

Obviously, as soon as Eni has access to the documents filed by the prosecutor, it will commission further in-depth analysis by independent lawyers to confirm the regularity of the transaction.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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