Nigeria should revoke oil rights for which Royal Dutch Shell Plc and Eni SpA paid $1.1 billion, a parliamentary committee said, alleging that the acquisition process was "highly flawed."
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Shell and Eni jointly bought Oil Prospecting License 245 from Malabu Oil & Gas Ltd., controlled by Dan Etete, a former oil minister, in 2011.
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Located in the deep offshore waters of the Gulf of Guinea, it is estimated to hold at least 9 billion barrels of crude reserves worth $1 trillion, according to a probe report by a House of Representatives committee filed as a public record and provided to Bloomberg Friday.
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"Unfortunately our national interest, knowingly or unknowingly, was ceded away to the two oil majors," the committee said.