SEC Closes Probe Into Eni's Dealings in Nigeria, Congo

Stephen Jewkes
Wednesday, April 22, 2020

The U.S. SEC has closed its investigation into Eni over the Italian oil major's activity in Nigeria and the Congo without recommending further action, Eni said on Wednesday.

"Based on the information currently available to the SEC, it is otherwise closing its pending investigation of Eni (over OPL 245 and Congo) without recommending further enforcement action," Eni said in a statement.

Eni, whose ADRs are listed on the New York Stock Exchange, is currently on trial in Italy over allegations it bought Nigerian oilfield OPL 245 in 2011 knowing most of the $1.3 billion price would go to agents and middlemen in bribes.

It is also under investigation by Milan prosecutors for alleged corruption in the Congo Republic.

Eni has denied any wrongdoing in both cases.

The SEC's decision comes days after it said Eni had agreed to settle charges on allegedly breaching corruption accounting rules over "improper" payments by a former unit in Algeria.

(Reporting by Stephen Jewkes; editing by Agnieszka Flak and Jason Neely)

Categories: Energy Industry News Activity Europe North America Africa USA

Related Stories

Panoro Targets Higher Output After Equatorial Guinea's Block G Deal

Oil Prices Rise as Iran Talks Stall and Inventories Shrink

Oil Climbs Above $110 After Gulf Drone Attacks Raise Supply Fears

Current News

Amplitude Energy Takes Stake in Artisan Gas Field

SBM Offshore’s SWIR Technology Receives ABS Statement of Maturity

Baker Hughes Expands Integrated Well Construction Contract with Petrobras

Mexican Billionaire Slim Calls Pemex's Lakach Project “Irrational”

Subscribe for OE Digital E‑News