Nigerian Court Stops Chevron from Sale of Oil Blocks to Seplat Petroleum, Others

Nigerian Court Stops Chevron from Sale of Oil Blocks to Seplat Petroleum, Others

A Federal High Court sitting in Lagos has issued an interim junction restraining Chevron Corporation of the United States and its Nigerian subsidiary, Chevron Nigeria Limited (CNL), and their agents from negotiating the sale of Oil Mining Leases (OMLs) 52, 53 and 54, with Seplat Petroleum Development Company (SPDC) Limited or any other bidder, apart from Brittania-U Limited.

The court, presided over by Justice M. N. Yunusa, also issued an injunction restraining Chevron and its agents from declaring Seplat Petroleum Development Company or its agents as the preferred bidder for the oil blocks, apart from Brittania-U Limited, which emerged the highest bidder in the transaction.

The injunction against Chevron followed a court action by Brittania-U, alleging that CNL and Chevron USA have been working behind the scenes to ignore the result of the competitive bid conducted for the sale of Chevron’s 40 per cent interest in the three oil blocks.

Source: thisdaylive

Oil and Gas Press

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