corruption | Egypt Oil & Gas - Part 3

Nigeria Lifts Bans, Renews Swaps While Combating Oil Corruption

Bloomberg learned that Nigeria has canceled a two-month old ban on 113 foreign-flagged vessels, preventing them from loading crude or gas from the country.

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.

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,

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

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 offi ...

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.

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.

Bechtel Egypt Trial in the US Leads to Conviction

A former principal vice president of US-based 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.

Oman Oil Executive Found Guilty in Anti-Corruption Campaign

The chief executive officer of Oman Oil Company has been sentenced to 23 years in jail in a landmark case that found that Ahmad Al-Wahibi accepted a bribe of $8 million from Korea-based firm LGI, a report said.

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