Aiteo’s Legal Disputes With Shell Continues

LAGOS, October 12 (Bloomberg) – Nigerian indigeneous oil producer Aiteo is pursuing a lawsuit against Royal Dutch Shell Plc for more than $2 billion over the ownership of oil wells in OML 29.

Aiteo Eastern E&P Co. Ltd. intensifying a dispute around an asset sale completed six years ago claims that Shell falsely portrayed itself as the owner of six wells that it believed were included in a 2015 asset sale, but they actually belonged to the NNPC.

Aiteo said it has been deprived of over 70 million barrels of crude and wants a judge to order Shell to pay compensation.

The lawsuit is the latest demonstration of how far relations between the companies have soured since Aiteo’s acquisition of a major interest in a prized oil block operated by Shell. In addition to the latest legal dispute, the Anglo-Dutch giant and other lenders allege that Aiteo owes them nearly $1 billion, while the Nigerian firm claims it was misled by Shell.

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