RDS-B - Royal Dutch Shell plc

NYSE - NYSE Delayed Price. Currency in USD
35.99
+2.12 (+6.26%)
At close: 4:00PM EDT

36.27 +0.28 (0.78%)
After hours: 7:40PM EDT

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Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
    9M+
Previous Close33.87
Open35.64
Bid35.95 x 900
Ask36.36 x 900
Day's Range35.61 - 36.34
52 Week Range19.19 - 67.45
Volume7,353,383
Avg. Volume8,625,881
Market Cap142.183B
Beta (5Y Monthly)0.83
PE Ratio (TTM)7.17
EPS (TTM)5.02
Earnings DateN/A
Forward Dividend & Yield3.14 (9.27%)
Ex-Dividend DateMay 14, 2020
1y Target Est42.75
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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  • Why Integrated Oil Giants ExxonMobil, Chevron, BP, Total, and Shell Took Off Today
    Motley Fool

    Why Integrated Oil Giants ExxonMobil, Chevron, BP, Total, and Shell Took Off Today

    Oil is an economically sensitive commodity. With good news from OPEC and the U.S. government, investors got excited. Perhaps too excited.

  • Is Royal Dutch Shell a Buy?
    Motley Fool

    Is Royal Dutch Shell a Buy?

    Here’s why Shell’s historical dividend cut, spending cuts, and suspension of share buybacks could be good for the long term.

  • OPEC+ Set to Extend Oil Cuts as Meeting Called for Weekend
    Bloomberg

    OPEC+ Set to Extend Oil Cuts as Meeting Called for Weekend

    (Bloomberg) -- OPEC+ is set to extend production cuts to prop up the oil market after a breakthrough in high-stakes negotiations, with the alliance meeting on Saturday to sign off on the deal.After almost a week of wrangling, the group’s leaders Russia and Saudi Arabia clinched a tentative deal with holdout member Iraq, according to a delegate. The pair were pushing Baghdad to stop shirking its share of cuts and to compensate for past failings.The Organization of Petroleum Exporting Countries will meet by video conference on Saturday at 1 p.m. London time, followed by a conference with their OPEC+ allies two hours later, delegates said.The agreement, once ratified, will prolong the record OPEC+ production curbs for another month until the end of July, instead of easing them as previously planned. Ministers may review later this month whether a further extension into August is warranted, a delegate said.Brent crude advanced as traders anticipated a tighter market in the coming months, with sentiment further buoyed by a surprise drop in the U.S. unemployment rate. The international benchmark was poised for a sixth weekly advance, rising 4.9% to $41.98 a barrel as of 2:56 p.m. in London.“We’re reasonably optimistic on the outlook for oil in the second half of the year,” Isabelle Mateos y Lago, co-head of the official institutions group at BlackRock Inc., said in an interview with Bloomberg television. “Demand is likely to recover far more quickly than supply.”Prices DoubledOPEC+ is used to dramatic glitches endangering deals at the last minute, so delegates said nothing would be agreed until formal communications take place.By accepting stricter terms, the Iraqi government risks a backlash from parliamentarians and rival political parties for acceding to foreign pressure. Still, the Oil Ministry in Baghdad said in a statement on Friday that it will comply in full with pledged OPEC+ cuts despite the country’s difficult financial circumstances.Mexico, whose resistance to curbing output delayed the April deal, won’t cause problems this time, the delegate said. Under the terms of that accord, the Latin American country wasn’t expected to make production cuts beyond June. Cutting production is always painful for oil-dependent states. Iraq in particular needs every penny because it’s still rebuilding its economy following decades of war, sanctions and Islamist insurgency.Read: Oil’s Fragile Peace Is Threatened by Iraq’s Desperate RealityBut members of the 23-nation OPEC+ alliance have a lot to gain by preserving their agreement. They have helped engineer a doubling in Brent prices since April, easing pressure on their government budgets of oil-rich nations.The accord has also revived the fortunes of major energy companies like Exxon Mobil Corp. and Royal Dutch Shell Plc, and prompted some U.S. producers to consider restarting wells just weeks after they were idled.The deal in April set out historic cuts of 9.7 million barrels a day, or roughly 10% of global oil supplies, to offset the unprecedented collapse in demand caused by the virus lockdowns. Then a few weeks later, Saudi Arabia and its closest allies in the Persian Gulf promised additional supply restraint of 1.2 million barrels a day in June.Those reductions were set to ease to 7.7 million barrels a day from July 1. so failure to reach an agreement this month could have brought a flood of oil back onto the market and undermined a tentative recovery as countries start emerging from coronavirus lockdowns.With American shale production starting to come back online, OPEC’s careful management of the demand recovery is crucial.Saudi Arabia and Russia, who were on opposite sides of a vicious price war until a peace deal in April, are now united against those in OPEC+ who have consistently failed to shoulder their share of the burden. Moscow, a habitual laggard, has complied punctiliously with the historic accord brokered by President Donald Trump, and wants to make sure others do too.Read more: How OPEC-Russia Price War Led to Oil’s Uneasy Truce: QuickTake“Reunited in leadership of OPEC+ and grimly facing many more months, if not years, of oversupply, Russia and Saudi Arabia had little to lose and much to gain by imposing concrete measures to improve compliance by the laggards, especially Iraq,” said Bob McNally, founder of consultant Rapidan Energy Group and a former White House official.The details of the deal between OPEC+ and Iraq on compliance were still not clear on Friday, and the statement from Baghdad didn’t spell out whether they had agreed to compensate for overproduction in May.Iraq made less than half of its assigned cutbacks last month, so compensating fully would require it to slash production by a further 24% to about 3.28 million barrels a day, according to Bloomberg calculations. That would be a tall order.Three other nations -- Angola, Kazakhstan and Nigeria -- also produced above their OPEC+ quotas in May. The three pledged on Thursday to bring their output in line with the agreement.By extending the cuts, the cartel wants the market to start drawing down the billion barrels of stockpiles that built up during the crisis. To force that to happen, OPEC+ intends to create an oil price structure called backwardation, with crude for immediate delivery priced higher than longer-term contracts, one delegate said.(Updates with details of U.S. jobs report in fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Oilprice.com

    A Perfect Storm For Petrochemicals

    The oil majors have made huge bets on plastics and petrochemicals in recent years, but those investments look increasingly shaky following the COVID-19 pandemic and economic downturn

  • Reuters

    Brazil energy council clears way for direct sale of hydrated ethanol to gas stations

    Brazil's CNPE national energy council approved on Thursday a resolution that establishes rules allowing producers of hydrated ethanol fuel to sell directly to gas station owners, according to a statement. The CNPE has said for more than a year that it was considering tax changes that would allow for direct sales of the biofuel, adding that the measure should increase competitiveness in the sector. Among the fuel distribution companies that stand to benefit are BR Distribuidora, formally Petrobras Distribuidora SA , Raizen, which is a joint venture between Royal Dutch Shell PLC and Cosan SA, and Ipiranga, a unit of Brazil's Ultrapar Participacoes SA.

  • Reuters

    Shell plastics plant Trump touted faces oversupply risks -energy institute report

    A massive Pennsylvania plastics project that President Donald Trump touted during a visit last year faces risks of oversupply and a low price outlook for the materials, a report by an institute that examines energy issues said on Thursday. The Pennsylvania Petrochemical Complex plant in Beaver County, owned by Shell, has been promoted by some as an economic savior in a region still suffering from the demise of steel industry in the 1980s.

  • Causeway International Value Fund's Top Trades of the 1st Quarter
    GuruFocus.com

    Causeway International Value Fund's Top Trades of the 1st Quarter

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  • Big Oil Can Help Renewables by Spinning Them Off
    Bloomberg

    Big Oil Can Help Renewables by Spinning Them Off

    (Bloomberg Opinion) -- Big Oil’s forays into renewable energy have drawn a lot of skepticism. Besides accusations of greenwashing, any oil CEO embracing energy transition must somehow convince investors to trust them putting cash into unfamiliar businesses that might need a lot of upfront spending before there’s much in the way of profits. It’s a race against time; a race to prove the CEO isn’t just splurging money on their version of the vision thing. One way to try getting there faster involves a lesson from a more familiar bit of the energy business: pipelines.Hard as it is to imagine now, there was a time when pipelines were hot investments. Master limited partnerships, the tax-advantaged structures that usually housed them, were in huge demand in the years after the financial crisis due to their high payouts and shale-fueled growth. MLPs traded at almost double the earnings multiple of the wider energy sector.Some of the easiest money ever made in the history of investment banking involved showing some variation of that chart to an oil producer and saying something like: “Hey, how about we double the value of those old pipelines you own by sticking them into a new thing called [Company Name] Partners LP and spinning it off? That’ll be $20 million please. I’ll get an analyst started on the lucite.”Of 188 IPOs of MLPs since 1986, almost 40% happened in that five-year period between 2010 and 2014, according to data from Alerian. Roughly two-thirds of MLP-dedicated investment funds launched then. What a time it was. As is often the way with such things, it got a bit out of hand. It turns out steering yield-starved investors toward companies with all the governance of benevolent dictatorships, minus the benevolence, can lead to sub-optimal outcomes.Even so, the original premise remains valid: taking assets that aren’t valued by one set of investors and offering them to another set that might. Nobody’s buying shares in the likes of Royal Dutch Shell Plc or BP Plc because of their solar farms or vehicle-charging ventures — or, given Covid-19’s ravaging of oil demand, buying their shares at all. If these companies are serious about maintaining transition strategies once this crisis passes, then spinning off the assets should be a high priority.For one thing, transition-flavored companies have generally weathered the pandemic better.Like those MLPs of yore, transition stocks garner higher valuations too. There are ludicrous extremes such as Tesla Inc., but more down-to-earth stocks such as Danish wind pioneers Ørsted A/S and Vestas Wind Systems A/S or Florida’s NextEra Energy Partners LP also command multiples oil majors should envy. And as for Tesla, while its four-figure earnings multiple makes no sense, what should unnerve the majors is the sheer zeal of its fans and power of its narrative despite all the red ink and red flags.An analysis just published jointly by London’s Imperial College Business School and the International Energy Agency reinforces this in two ways. Examining portfolios of U.S. and European companies linked to fossil fuels and renewable energy, the authors find the new kids generated both higher and less volatile shareholder returns over five and 10-year windows.Perhaps more important is the sheer paucity of renewable energy stocks available. The study’s U.S. fossil fuel basket, for example, has 163 constituents. The corresponding renewable power portfolio has only 18, a couple of which no longer exist and one of which is a regulated utility with an interesting backstory, PG&E Corp.This gets at a big problem: It’s hard for the average investor to gain exposure to pure energy transition themes, as the assets often reside in private-equity-like portfolios or inside bigger companies that do everything from energy to autos to construction.Even though it’s nascent relative to the incumbent energy business, the amounts invested are already large. Bloomberg NEF’s database of clean energy asset financing adds up to $3.3 trillion from 2004-19, with almost half of that in the past five years. Yet while investors can pick or choose from any number of frackers, miners or majors — and dedicated funds tracking them — participating in renewable energy or other transition themes is much harder.That’s a big problem for the transition itself. Capital costs can make or break renewable energy projects; with little running cost, virtually all the outlay is upfront. The IEA, in its latest energy investment report, released in May, noted that getting lower-cost institutional money into a wind project can be the difference between single- and double-digit returns (and, therefore, whether the project goes ahead). Similarly, without ready access to cheap capital, there would have been no shale boom (or no Tesla, for that matter). This is where oil majors seeking a relevant role in energy transitions might be useful. Rolling up a set of ventures hidden inside an oil major trading on a low multiple is a good way to destroy value. It also lends credence to accusations of greenwashing: If you’re serious, then why obscure the scale and performance of these assets by lumping them in with natural gas or making them a quarterly line item?Spinning them out into separate companies instead should provide higher valuations and, therefore, a means to raise cheaper capital for new projects, by expanding the pool of dedicated options for interested investors. Meanwhile, traditional oil investors needn’t be jealous of dollars heading into renewable energy projects. The majors could retain large stakes and even co-brand them; presumably, BP and Shell have retained names such as Lightsource and Greenlots for a reason. The only imperative is to avoid the conflicts and fetid governance that ultimately undid many MLPs.A consistent refrain of Big Oil is that its sheer bigness provides an edge. That doesn’t fit neatly with the distributed and modular nature of renewable energy and other transition-related businesses. But heft could help where it really counts: raising money.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Shell weighs sale of $2 billion-plus stake in Queensland LNG facilities
    Reuters

    Shell weighs sale of $2 billion-plus stake in Queensland LNG facilities

    Royal Dutch Shell <RDSa.L> is considering raising more than $2 billion from the sale of a stake in the common facilities at its Queensland Curtis LNG plant in Australia, according to a sale flyer reviewed by Reuters. "Royal Dutch Shell plc is considering a sale of a 26.25% interest in the Queensland Curtis LNG (QCLNG) Common Facilities - a multibillion dollar investment opportunity," the sale flyer said.

  • Reuters

    Exclusive: China snaps up Russia's expensive Urals oil in thirst for sour barrels

    China's refiners have purchased a quarter of Russia's Urals oil exports planned for June in the Baltic despite record high premiums for the grade due to a lack of sour barrels as result of the OPEC+ output cuts, traders said and shipping data showed. Rising demand for Russian barrels will likely make oil firms more reluctant to extend the record oil cuts in tandem with OPEC+ for a prolonged period of time. Russia has to decide shortly as OPEC+ countries may meet this week.

  • Oilprice.com

    A Nightmare Scenario For Offshore Oil

    The offshore oil industry is facing a growing number of impossible challenges, leaving the future of the sector increasingly uncertain

  • GlobeNewswire

    Voting Rights and Capital

    Voting Rights and Capital In conformity with the Disclosure Guidance and Transparency Rules, we hereby notify the market of the following: Royal Dutch Shell plc's capital as.

  • British Gas Owner’s 33-Year Reign in FTSE 100 Index Nears an End
    Bloomberg

    British Gas Owner’s 33-Year Reign in FTSE 100 Index Nears an End

    (Bloomberg) -- British Gas’s more than three-decade connection to the U.K.’s blue-chip stock index looks set to come to an end after shares of parent Centrica Plc plunged by more than half this year.Analysts expect Centrica to be demoted from the FTSE 100 benchmark in a quarterly re-shuffle next week. That would represent a moment of historical significance for a stock that under different names has been ever-present in the gauge since 1986, the year that the Conservative government of Margaret Thatcher privatized British Gas through an initial public offering.The shares’ 56% slide this year has reduced the company’s market value to a level where it no longer passes the test to retain its position in the FTSE 100.“Centrica’s ejection would cap a multi-year share-price slide that dates back to a peak of almost 400 pence in 2013,” Russ Mould, investment director at brokerage AJ Bell, said in emailed commentary. The stock closed on Thursday at 39.05 pence, valuing the business at 2.3 billion pounds ($2.8 billion).According to guidelines from index provider FTSE Russell, a stock will be removed from the FTSE 100 if its market capitalization ranks 111 or below among eligible shares at the time of the re-balancing. At its current valuation, Centrica is the 140th biggest company on the FTSE All Share index. The next quarterly review will be based on June 2 closing prices and announced on June 3.The first half of 2020 has been torrid for Centrica, which suspended its dividend and paused a planned sale of North Sea oil and gas assets last month after the Covid-19 pandemic sapped energy demand and triggered a slump in crude prices. Chief Executive Officer Iain Conn stepped down in March after five years leading the group.But the share price fall dates back a lot further than that. On top of a longer-term slide in oil prices, the company has faced competition from smaller challengers like Octopus Energy and Bulb, while also being hit by a price cap by the U.K. Office of Gas and Electricity Markets. The shares are now 90% below a record high set in 2013.Tell SidBritish Gas Plc joined the FTSE 100 on Dec. 9, 1986 after a share sale that was promoted in a government television campaign urging Britons to spread word of the investment opportunity by telling “Sid,” a name that was meant to represent the general public.In 1997, the company, whose history stretches back more than 200 years, was split into separate firms, BG Plc and Centrica Plc. BG later became BG Group Plc and was bought by Royal Dutch Shell Plc in a deal announced in 2015.British Gas, under Centrica, has seen its share of the domestic market steadily decline over the past 15 years, according to Ofgem data, also losing ground to rivals like Electricite de France SA and SSE Plc.That said, a potential turnaround isn’t being ruled out by some analysts.“Following years of structural challenges faced by Centrica in the U.K. retail market, failed attempts to deliver growth in its consumer business and falling profits from its commodity-exposed units, we believe the worst is behind the company,” Citigroup analyst Jenny Ping wrote in a May 21 note.The company has sufficient liquidity to navigate volatile demand due to the pandemic, and a future simplification of the group could boost the shares, Ping wrote.A spokesman for Centrica declined to comment on the upcoming index review when reached by phone.Other stocks that might be demoted from the FTSE 100 in next week’s review include Princes and P&O cruise operator Carnival Plc, budget airline EasyJet Plc and plane-parts maker Meggitt Plc, reflecting the impact of the Covid-19 crisis on global travel demand, according to Helal Miah, an analyst at investment broker The Share Centre, who spoke by phone.That would potentially leave them vulnerable to selling by funds whose aim is to mirror the performance of the FTSE 100 -- known as tracker funds.Stocks that could be added to the benchmark gauge include cybersecurity firm Avast Plc, betting company GVC Holdings Plc and home emergency and repair services provider HomeServe Plc, Miah said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters

    RPT-U.S. senators weigh additional sanctions on Russia's Nord Stream 2

    Two U.S. senators said on Wednesday they could draft further sanctions on Russia's Nord Stream 2 natural gas pipeline if Moscow finishes laying pipes for the project. U.S. sanctions legislation originally sponsored by Senators Ted Cruz, a Republican, and Jeanne Shaheen, a Democrat, in December halted work by Swiss-Dutch company Allseas on the pipeline that aims to boost Russia's gas exports under the Baltic Sea to Germany. The pipeline, aimed at bypassing Ukraine, could be launched by the end of 2020 or early next year, Russian President Vladimir Putin has said.

  • GlobeNewswire

    Royal Dutch Shell advance notice of Q2 2020 results announcement

    ROYAL DUTCH SHELL PLC Notice of Results The Hague, May 28th 2020  - On Thursday July 30th 2020 at 07:00 BST (08:00 CEST and 02:00 EDT) Royal Dutch Shell plc will release its.

  • Reuters

    U.S. senators weigh additional sanctions on Russia's Nord Stream 2

    Two U.S. senators said on Wednesday they could draft further sanctions on Russia's Nord Stream 2 natural gas pipeline if Moscow finishes laying pipes for the project. U.S. sanctions legislation originally sponsored by Senators Ted Cruz, a Republican, and Jeanne Shaheen, a Democrat, in December halted work by Swiss-Dutch company Allseas on the pipeline that aims to boost Russia's gas exports under the Baltic Sea to Germany. The pipeline, aimed at bypassing Ukraine, could be launched by the end of 2020 or early next year, Russian President Vladimir Putin has said.

  • Moody's

    Petroleum Co.of Trinidad & Tobago (Petrotrin) -- Moody's affirms Trinidad Holdings' Ba3 ratings; changes outlook to negative

    Moody's Investors Service (Moody's) affirmed Trinidad Petroleum Holdings Limited's (Trinidad Holdings) corporate family rating, backed senior secured bank credit facility and backed senior secured ratings at Ba3 and Baseline Credit Assessment (BCA) at b2. Simultaneously, Moody's changed Trinidad Holdings outlook to negative from stable.

  • Exclusive: Coronavirus spreads in Brazil's oilfields, as 6 offshore operators register cases
    Reuters

    Exclusive: Coronavirus spreads in Brazil's oilfields, as 6 offshore operators register cases

    Norway's Equinor ASA, Brazil's Dommo Energia SA and Anglo-French firm Perenco are among at least six oil producers that have registered coronavirus cases among employees or contractors at facilities off the coast of Brazil, according to industry and regulatory sources. Royal Dutch Shell PLC and Brazil's Enauta Participacoes SA have registered one case each. Hundreds of cases have been recorded at oilfields operated by state-run Petrobras.

  • Exclusive: Coronavirus spreads in Brazil's oilfields, as six offshore operators register cases
    Reuters

    Exclusive: Coronavirus spreads in Brazil's oilfields, as six offshore operators register cases

    Norway's Equinor ASA <EQNR.OL>, Brazil's Dommo Energia SA <DMMO3.SA> and Anglo-French firm Perenco are among at least six oil producers that have registered coronavirus cases among employees or contractors at facilities off the coast of Brazil, according to industry and regulatory sources. Royal Dutch Shell PLC <RDSa.L> and Brazil's Enauta Participacoes SA <ENAT3.SA> have registered one case each.

  • Bloomberg

    No Country for Oil Refiners: Philippine Plants Shut on Weak Demand

    (Bloomberg) -- The Philippines has been left temporarily without any operating oil refineries as one of the world’s longest lockdowns eviscerates demand.Petron Corp., the nation’s largest oil company, said Tuesday its 180,000 barrel-a-day refinery has been shut since May 5 for maintenance while fuel demand is low. Royal Dutch Shell Plc said the nation’s only other refinery remains temporarily shut after it took it down earlier this month when consumption dropped.Officials from both plants said they would be able to meet their petroleum product needs from inventories or imports. The country’s economy is facing its deepest contraction in more than three decades after it became the first country in Southeast Asia to shut large swathes of its economy in mid-March“Business is challenging,” Petron President Ramon Ang said. “Demand recovery will depend upon the lifting of the quarantine measures and, ultimately, finding a vaccine to fully restore mobility.”Petron swung to a net loss of 4.9 billion pesos ($97 million) in the first quarter from a profit of 1.3 billion pesos a year ago as the value of its inventory collapsed along with prices. Shell’s Philippine unit posted a loss of 5.5 billion pesos during the period, compared with a 2.4 billion peso profit a year ago.President Rodrigo Duterte began reopening the country’s economy earlier this month, allowing malls and some businesses in Manila to return May 16.Asked via phone text message when he expected the refinery to restart, Petron’s Ang had a curt reply: “When there’s demand.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Is The Oil Rally Coming To An End?
    Oilprice.com

    Is The Oil Rally Coming To An End?

    The recent and rapid rally in oil prices appears to have been thwarted by some worrying rumors surrounding China’s economic recovery

  • Bloomberg

    Shell, Eni Win Dismissal of Nigeria Bribery Lawsuit

    (Bloomberg) -- Royal Dutch Shell Plc and Eni SpA won dismissal of a $1 billion U.K. lawsuit brought against them over allegations they knew about bribes in a Nigerian oil deal.A London judge ruled Friday that England has no jurisdiction to try the case as it involves the same essential facts as a separate Italian criminal case.The ruling is a victory for the oil companies, which have been clouded by accusations in a years-old dispute over exploration rights to a tract in the Gulf of Guinea called Oil Prospecting License 245 that has spread to courtrooms throughout Europe.The Nigerian government claims that money the companies paid to acquire the oil exploration license in 2011 was diverted to bribes and kickbacks. It says Shell and Eni are partly responsible for the behavior of Nigerian officials who used a $1.1 billion payment to acquire the oil block for personal enrichment. Shell and Eni have denied any wrongdoing.“We maintain that the 2011 settlement of long-standing legal disputes related to OPL 245 was a fully legal transaction with Eni and the Federal Government of Nigeria, represented by the most senior officials of the relevant ministries,” Shell said in a statement.Eni said it was pleased with the decision and added that the U.S. Securities & Exchange Commission and U.S. Department of Justice have also closed investigations into the Italian company’s involvement with OPL 245.The Nigerian government said in its own statement that the Italian criminal case has a completely separate legal basis from the U.K. civil case and it would seek permission to appeal.The ruling does not affect ongoing Italian criminal proceedings, where Nigeria has a separate legal claim.(Updates with Eni comment in sixth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • UK court throws out Nigerian oil corruption case against Shell, Eni
    Reuters

    UK court throws out Nigerian oil corruption case against Shell, Eni

    An English court threw out a $1.1 billion case Nigeria had brought against Royal Dutch Shell and Eni related to a dispute over the OPL 245 oilfield, a court document showed on Friday, while a related trial in Italy continues. The Nigerian government filed the case in 2018 at a commercial court in London alleging payments made by the companies to get the oilfield licence in 2011 were used for kickbacks and bribes. Justice Butcher said in his ruling seen by Reuters that the High Court "must decline jurisdiction over the action against" Shell and the other defendants.