corruption | Egypt Oil & Gas - Part 3
Hurdles Facing Oil Investors as Iran Braces for Major Field Development
Iranian broker Reza Mostafavi Tabatabaei has warned foreign investors heading towards Iran of the difficulties they may face, speaking from his own personal experience. This was in reference to a $87m deal in 2011 to ...
Nigeria to Deploy Drones to Reduce Oil Theft
Nigeria’s state-run NNPC has started work on a plan to utilize drones to reduce oil theft, reported Bloomberg. “We are looking at the current logistical nightmares of changing staffing at the loading bay of crud...
Houstan Firm Sells Angolan Assets during Corruption Investigation
Angola’s state-owned oil company Sonangol agreed to acquire Cobalt International Energy Inc.’s 40% interest in its offshore Angolan discoveries for $1.75b, reported Bloomberg. The sale is supposed to help the company ...
Nigeria to Shift Gears to Agriculture in Fight Against Oil Corruption
Nigeria’s democratically elected President Muhammadu Buhari plans to split the Nigerian National Petroleum Corp. in two, creating a regulator and a vehicle for investments, said Femi Adesina, a presidential spokesman,...
UN Joins Fraud Office Investigations of UK’s Soma Oil
The drama over UK’s Soma Oil & Gas continues to unfold since the British Serious Fraud Office raided the company’s London office on July 31, as part of its investigation into $500,000 worth of payments to Somali o...
Soma Oil and Gas Under UK Investigation Over Corruption in Somalia
The Serious Fraud Office has opened a criminal investigation into British company Soma Oil and Gas. The SFO said the matter was related to corruption in Somalia. In a statement, Soma said it was “confident”...
Nigeria’s NNPC Overpays state, but Still Owes
A forensic audit of Nigeria’s state oil firm released on Monday said the company, accused of corruption, actually overpaid the state by almost $750 million, but should still pay it an additional $1.5 billion. Ou...
Bechtel Egypt Trial in the US Leads to Conviction
A former principal vice president of Bechtel Corp. was sentenced to 42 months in prison for accepting $5.2 million in a scheme to manipulate bidding for power contracts in Egypt. Asem Elgawhary, 73, of Potomac, Maryla...
