Malabu: Shell writes down OPL 245 licence
ultinational oil and gas giant, Royal Dutch Shell, said it would write down its investment in the controversial Malabu Oil Prospecting Licence 245 offshore field in Nigeria.
The OPL licence has been at the heart of a protracted litigation in Italy after prosecutors alleged corruption. According to Reuters, Shell announced the write-down during its second-quarter 2020 earnings call during the week. 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.
The company also announced that its upstream division had losses of $6.7 billion, due to a seven per cent fall in production to 2.4 million barrels a day. However, adjusted earnings for the second quarter fell to $600 million compared to $3.5 billion this period last year.
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