Shell upbeat at Nigeria oil spill ruling

Nigeria oil spills

Nigeria oil spills

from OKORO CHINEDU in Lagos, Nigeria
LAGOS, (CAJ News) – SHELL, the Anglo–Dutch multinational oil and gas company, is hopeful the oil spill dispute in Nigeria will be resolved in its favour.

“Shell subsidiaries and associates operating in Nigeria are parties to various environmental and contractual disputes. These disputes are at different stages in litigation, including at the appellate stage, where judgements have been rendered against Shell,” the company updated in its annual report for 2014, released on Thursday.

“If taken at face value, the aggregate amount of these judgements would be material however, the management of Shell believes that the outcomes of these matters will ultimately be resolved in a manner favourable to Shell. While these matters are not expected to have a material impact on Shell, no assurance can be provided.”

Last year, Shell expressed readiness to pay up to £30 million in
compensation for two oil spills in Nigeria in 2008 but lawyers said it might face a far bigger pay out after a British court ruled it could be liable for damage.

About 15 000 residents of the Bodo community in the Niger Delta appealed to a London court in 2011 for more than £300 million in compensation.

They claimed the two spills resulted in the leakage of 500 000 barrels of oil but Shell estimated the volume at about 4 000 barrels.

Shell has already offered some compensation for the spills.

– CAJ News

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Posted by on Mar 12 2015. Filed under Energy, Featured, Finance, Finance & Banking, Oil & Gas. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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