Hyperdynamics corruption investigation closed

Hyperdynamics corruption investigation closed

Houston: The US Department of Justice closed its anti-corruption investigation of Houston-based oil and gas exploration company Hyperdynamics without filing any charges.

While the DoJ reserves the right to reopen the case in the event of new information, for now at least the company’s name is clear regarding its operations in the West African nation of Guinea.

Hyperdynamics, founded in 1996, has been working in Guinea since 2006, when it signed a production sharing contract with the government of the country.

For its Guinea venture Hyperdynamics is in partnership with Tullow Oil Plc and Dana Petroleum E&P Ltd. It holds a 37% non-operator interest covering approximately 25,000 square kilometres, one of the largest exploration and production licences in West Africa.

The DoJ was trying to establish if Hyperdynamics had violated the Foreign Corrupt Practices Act (FCPA) in obtaining and retaining the concession rights and in its relationships with charitable organisations.

This investigation began in 2013. A Securities and Exchange Commission (SEC) probe into Hyperdynamics is ongoing.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

Related Posts