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Friday, August 26, 2022
Four of the worlds major oil companies – ExxonMobil, Shell, Chevron, and Equinor – will be withdrawing their lawsuits against the Nigerian National Petroleum Corp. (NNPC), according to Bloomberg and Reuters reporting. The suits collectively attempted to enforce multibillion dollar arbitration awards against NNPC.
The four companies requested two federal judges to pause their legal action against NNPC so that their recently signed extension agreements for five highly prospective deepwater blocks would become effective in the fall.
On August 12, NNPC extended its agreements with the four companies along with French major TotalEnergies.
These agreements related to five deep-water blocks that, according to officials, could generate up to 10 billion barrels of oil over a 20-year period.
Exxon and Shell had been attempting to enforce an arbitration award against NNPC for $1.8 billion since 2011, and Chevron and Equinor had been attempting to enforce an award for $995 million since 2015.
Both were the result of allegations that NNPC had extracted more oil than was allowed by agreements that were signed in 1993 and were meant to encourage oil corporations to spend billions of dollars on exploration and development.
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