It’s been 25 years since the controversial Malabu Oil Well was in the spotlight, and now the federal government is considering restoring it. This move aims to boost Nigeria’s oil production, and it’s a big deal because the oil block is said to hold over nine billion barrels of crude oil, which is almost a quarter of the nation’s total proven oil reserves. The word on the street is that the Tinubu administration is thinking about giving the oil block to potential developers, both local and foreign. Rumour has it that Shell and ENI, two big international energy companies, are the top picks to get the green light from President Bola Ahmed Tinubu. They’ve been involved in previous attempts to develop the oil field, and now they might just get the chance to make it happen. It’s like a blast from the past because the controversial licence to Malabu Oil & Gas Limited expired over two years ago, and now Shell and ENI are ready to jump back in if the Tinubu Presidency gives the thumbs up.
ENI says that whoever gets the mining licence will have to invest billions to develop the oil block further. And guess what? The president is all for it, especially with Nigeria’s oil output struggling to meet its OPEC quota. In fact, OPEC had to reduce Nigeria’s future quota by over 20 percent in June this year. That’s a big blow, but exploring the oil block could be a game-changer.
The federal government has also decided to put an end to the legal battles abroad over the ownership of the oil block. But wait, there’s more drama! The former attorney-general of the federation, Mohammed Adoke, is facing prosecution in Nigeria on various allegations, including fraud and money laundering. But here’s the plot twist – no conclusive evidence has been found to prove the allegations against Adoke. He’s seeking exoneration with the emergence of a new administration, and the case files are still open. It’s like a real-life legal thriller!
Investigators say they’ve traced certain properties to Adoke, suspected to have been bought with proceeds of the bribes from the settlement of the case. But Adoke claims he got then President Goodluck Jonathan’s approval for the agreement, and he even showed proof that the property was purchased through a bank loan. It’s a he-said-she-said situation, and the truth is still up in the air.
The history of the OPL 245 is filled with court cases and controversies, dating back to its questionable award to Malabu Oil and Gas in 1998. And get this – Malabu never paid the full signature bonus of $20 million it was supposed to pay within 30 days of the licence grant. Legal experts in the Tinubu administration are saying that Malabu never earned a legal title to OPL 245. It’s like a real-life soap opera with all the twists and turns!
In 2019, President Muhammadu Buhari turned down a request from ENI to convert the OPL into a mining licence. But now, President Tinubu seems more open to the idea. It’s like a rollercoaster ride of decisions and changes!
Efforts to get comments from the federal government, the oil sector regulator, and the operators have hit a dead end. It’s like a mystery – no one’s talking! LEADERSHIP reached out for comments but got no response. It’s like a game of cat and mouse, and the suspense is killing us!