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Chevron suffers setback in bid to sell oil blocks

17 December 2013, 19:42

Lagos - Chevron’s bid to sell some of its oil blocks in Nigeria suffered a legal setback as a Federal High Court issued an interim junction restraining the company 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.

Brittania-U had approached the court seeking an interim order restraining Chevron 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, reports ThisDay

The court ruling stemmed from the fact that Brittania-U emerged as the highest bidder, offering $1.015 billion, while Seplat came second with an offer of about $900 million.

Read more at ThisDay


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