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Thursday, May 15, 2014
A Federal High Court judge in Nigeria has ruled that Nigeria should have jurisdiction over Chevron’s asset sale dispute with indigenous firm Brittania-U. Chevron was hoping to have the case dismissed. The case revolves around Brittania-U saying it paid a deposit to buy some onshore oil blocks put up for sale by Chevron only to have Chevron look for alternative bids for the blocks.
Chevron says the sale was a private matter and should not be subject to court involvement. However, the Federal High Court ruled it had jurisdiction to hear and determine the matter and dismissed Chevron’s objections, according to a Reuters report.
Brittania-U was the highest bidder at over $1 billion for OML 52, 53, and 55. Fellow indigenous firm Seplat came in as the second highest bidder.
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