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Chevron, Seplat, Brittania-U to Meet in Court over Oil Blocks

24th February, 2015

hexgear

The Supreme Court will today entertain an appeal brought against Chevron Nigeria Limited and Seplat Petroleum Development Company Plc by Brittania-U Nigeria Limited over the sale of Chevronís Oil Mining Leases (OMLs) 52, 53 and 55.

Chevron had sold the three oil blocks despite the pending litigations at a Federal High Court, Appeal Court and the apex court arising from the disputes in the bid process leading to the sale of the three leases.

While Seplat acquired Chevronís 40 per cent stake in OML 53 for $259.4, OMLs 52 and 55 were sold to AMNI International Petroleum Development Company and a Nigerian special purpose vehicle, Belema Oil Producing Limited, respectively.

Seplat has also concluded negotiations to buy 56.25 per cent of Belema Oil, which bought a 40 per cent interest in OML 55.

Speaking on the sale of the assets, which are a subject of the lawsuit, the Managing Director of Seplat, Mr. Austin Avuru told THISDAY that his company did not break any law in the acquisition of the assets.

Asset: OML 53 Source: http://www.thisdaylive.com/art...

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