Malabu Oil Deal Shady and ‘Bedeviled with Irregularities’ – REPS

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The House of Representatives Committee investigating the Malabu Oil deal has said that the transaction which saw Shell and Agip buy the controversial OPL 245 was shady and bedeviled with irregularities.

Mr. Leo Ogor, House ad-hoc committee on the transaction chair,  said the transaction was also in violation of the Federal Government’s indigenisation policy. He wondered why the oil block would be sold in its entirety to two foreign firms.

He said, “We suspect that the policy which protects indigenous industries has been breached in this since no indigenous company eventually benefited in the OPL 245 oil deal. It is also a clear breach of the national interest.”

Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO), Mr. Chukwu Onyejekwe, said there were no shady circumstances surrounding the deal.

“We did not grab the oil block. We were invited by the Federal Government alongside other international oil companies (IOCs) to bid for the oil block. The letter of the invitation is there and the letter of award is also there,” he said.

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