Multinational Petroleum oil and gas giant, Royal Dutch Shell, announced that it would write down its investment in the controversial Malabu OPL 245 offshore field in Nigeria, a decision that comes with huge implication for a field at the heart of protracted litigation in Italy.
According to Reuters, Shell announced the write-down during its second-quarter 2020 earnings call. The company had recorded losses in its upstream division, including a post-tax impairment charge of $4.7 billion related to write-downs of the Malabu oilfield, and assets sales in North America and Brazil... for further reading, click on https://businessday.ng/energy/oilandgas/article/what-shell-writes-down-of-nigerias-1-3-billion-oil-field-scandal-means/
SOURCE: BusinessDay Newspaper Aug 4, 2020.