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Sunday, May 19, 2019
Lekoil advised that it has dropped its legal action against Nigeria’s Minister of Petroleum, Emmanuel Ibe Kachikwu. The company received a letter from the Ministry of Petroleum Resources relating to an application for an extension (re-award) of the OPL 310 license. In a statement on its website, the company said that the letter notes the license expired on February 10 and ownership reverted back to the government, according to Nigeria’s Petroleum Act.
The letter from the Ministry said that a re-award of the block to Lekoil would not be considered until the suit filed by the company against the Minister was withdrawn. The letter from the Ministry said that failure to do so by Lekoil and other parties in the suit within 30 days would negate any consideration for re-award.
Lekoil received the letter on May 13, however it was dated May 8. The company decided to withdraw legal action. It will also continue engagements with the regulator and Optimum Petroleum Development Company Limited, the operator of OPL 310, to conclude agreements and resolve all outstanding issues.
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