Nigeria: LEKOIL provides update on Cost and Revenue Sharing Agreement for OPL 310
24 Feb 2021
LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa, has announced that
Mayfair Assets and Trusts, in which the Company has a 90 per cent economic interest, has received a letter from
Optimum Petroleum Development Company, the Operator of the
OPL 310
Cost and Revenue Sharing Agreement ( CRSA ) executed for OPL 310.
As announced on 11 December 2020, Optimum conveyed its enforcement of the default clause within the CRSA. Pursuant to the CRSA, the default clause stipulates that, following a cure period, if a default has occurred, Optimum and Mayfair shall jointly seek and agree on a buyer to whom Mayfair s 17.14% Participating Interest as well as the financial obligation within OPL 310 will be transferred. Mayfair will also be entitled to a full reimbursement of all amounts due to it, as a result of past costs spent on the asset, from fut
Shell Petroleum Development Company
Shell Petroleum Development Company (SPDC) has said it is working to secure expeditious discharge of court order freezing its accounts, which was obtained by AITEO Eastern (E&P) Company Limited.
AITEO had sought an ex-parte order from a Federal High Court in Ikoyi, Lagos for an injunction directing 20 commercial banks to block accounts of SPDC and affiliates of the Royal Dutch Shell company operating in Nigeria in a bid to recover cash value of more than 16 million barrels of crude allegedly diverted by the oil giant.
Justice Oluremi Oguntoyinbo gave the order in suit no FHC/L/CS/52/2021, directing the 20 banks where Shell companies operate accounts in Nigeria to “ring-fence any cash, bonds, deposits and all forms of negotiable instruments.”
Royal Dutch Shell has initiated international arbitration against Nigeria over a dispute regarding an oil spill that took place five decades ago, according to a filing with the World Bank's dispute settlement body.
3 Min Read
YENAGOA/LAGOS (Reuters) - Nigeria’s FirstBank and a unit of energy giant Shell said on Friday members of a community in southern Nigeria had no right to seize assets from a bank branch this week in a dispute over compensation for an oil spill more than five decades ago.
Members of the Ejama-Ebubu community and law enforcement officers entered a FirstBank branch in Port Harcourt on Tuesday to seize assets following a court award relating to the spill that took place in the 1967-70 civil war.
The community was awarded damages worth 17 billion naira ($44.7 million), with accruing interest, in a federal court ruling in 2010. Shell Petroleum Development Company of Nigeria (SPDC) has long challenged the award. The community says the value with interest is now more than 180 billion naira.