Tuesday, March 28, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home Market

Equinor wins decade-long court fight over Nigeria oil profits

11 months ago
in Market
Equinor wins decade-long court fight over Nigeria oil profits
Share on FacebookShare on Twitter


By William Clowes on 2/5/2021

(Bloomberg) –Equinor ASA said the Nigerian Supreme Court overturned a ruling that had threatened to divert 1.5% of the company’s profits from one of the country’s largest oil fields to a former consultant.

The Supreme Court ruling Friday that the lower courts had no jurisdiction over the case should conclude a dispute that has played out in the West African nation’s courtrooms for more than a decade, Equinor spokesman Erik Haaland said. “We are pleased with the court’s decision, which is in line with our position,” he said in an emailed statement.

The former consultant, who sued the Norwegian oil producer, John Abebe, is also on trial in a separate case where he stands accused of forging documents submitted as evidence during his original claim, according to a statement on the website of Nigeria’s financial crimes commission.

The judgment removes the risk to Equinor of losing a portion of proceeds from the company’s 20.2% interest in the Agbami oil field, which is located about 70 miles from the Nigerian coast. The deepwater acreage currently produces about 130,000 barrels per day.

Haaland said the Supreme Court voided a ruling issued in 2010 that found Equinor inherited BP Plc’s commitments in Nigeria when the latter company exited Africa’s largest crude producer in the late 1990s, ending a commercial partnership between the two firms. Among the transferred obligations was a contract between BP and Abebe entitling the businessman to 1.5% of profits once the oil giant’s Nigerian offshore assets started producing, a federal judge ruled 11 years ago. An appeal court dismissed Equinor’s previous attempt to cancel the decision in 2012.

“It’s a tough decision,” Abebe’s lawyer, Uche Nwokedi, said by text message. “We will study it when we get a copy of the judgment and decide on our next course of action.”





www.worldoil.com

Latest Oil News

‘Full investigation’ promised into UK wildlife haven oil spill

‘Full investigation’ promised into UK wildlife haven oil spill

March 27, 2023
Libyan state oil chief stresses support across divided country

Libyan state oil chief stresses support across divided country

March 26, 2023
Iraq wins landmark case against Turkey over Kurdish oil exports

Iraq wins landmark case against Turkey over Kurdish oil exports

March 25, 2023
UK government expected to offer energy companies windfall tax relief

UK government expected to offer energy companies windfall tax relief

March 24, 2023
Tags: CourtdecadelongEquinorfightNigeriaoilprofitswins
Previous Post

Oil Prices Stabilize On Rumors Of An OPEC+ Extension

Next Post

Treasuries Sell Off, Asia Stocks Drop; Oil Jumps: Markets Wrap

Related Posts

‘Full investigation’ promised into UK wildlife haven oil spill

‘Full investigation’ promised into UK wildlife haven oil spill

by Oil Market News
March 27, 2023
0

The UK government has promised a “full investigation” into the causes of an oil spill over the weekend into Poole...

Libyan state oil chief stresses support across divided country

Libyan state oil chief stresses support across divided country

by Oil Market News
March 26, 2023
0

The head of Libya’s state oil company said he had the backing of both the government in Tripoli and the...

Iraq wins landmark case against Turkey over Kurdish oil exports

Iraq wins landmark case against Turkey over Kurdish oil exports

by Oil Market News
March 25, 2023
0

Iraq has won a landmark legal case against Turkey over Kurdish oil exports, which the federal government in Baghdad has...

UK government expected to offer energy companies windfall tax relief

UK government expected to offer energy companies windfall tax relief

by Oil Market News
March 24, 2023
0

Britain’s oil and gas companies are next week expected to be offered the prospect of windfall tax relief, as prime...

Fears of an energy price surge percolate through sector

Fears of an energy price surge percolate through sector

by Oil Market News
March 23, 2023
0

This article is an on-site version of our Energy Source newsletter. Sign up here to get the newsletter sent straight to...

US regulator vows ‘aggressive’ crackdown on oil and gas methane leaks

US regulator vows ‘aggressive’ crackdown on oil and gas methane leaks

by Oil Market News
March 22, 2023
0

The US’s top environmental enforcer vowed that no oil and gas systems would be “getting out of jail free” as...

Next Post
Treasuries Sell Off, Asia Stocks Drop; Oil Jumps: Markets Wrap

Treasuries Sell Off, Asia Stocks Drop; Oil Jumps: Markets Wrap

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

Crude Oil Flow Improvers Market Opportunities and Revenue Forecast 2030 – PRIZM News

Crude Oil Flow Improvers Market Opportunities and Revenue Forecast 2030 – PRIZM News

4 months ago
Decline in oil prices hit Gulf stock markets

Decline in oil prices hit Gulf stock markets

5 months ago
OPEC Update, February 2022 | Seeking Alpha

OPEC Update, February 2022 | Seeking Alpha

10 months ago
NNPC, Security Agencies Uncover Another Illegal Crude Oil Operation In Delta State –

NNPC, Security Agencies Uncover Another Illegal Crude Oil Operation In Delta State –

7 months ago
Oil rises 1% as tight supply outweighs economic worries

Oil rises on U.S. response to Iran nuclear deal comments

7 months ago
ADVERTISEMENT
‘Full investigation’ promised into UK wildlife haven oil spill

‘Full investigation’ promised into UK wildlife haven oil spill

March 27, 2023

Libyan state oil chief stresses support across divided country

March 26, 2023

Iraq wins landmark case against Turkey over Kurdish oil exports

March 25, 2023

UK government expected to offer energy companies windfall tax relief

March 24, 2023

Fears of an energy price surge percolate through sector

March 23, 2023

US regulator vows ‘aggressive’ crackdown on oil and gas methane leaks

March 22, 2023

Crude Oil

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

February 1, 2023
Oil rises after U.S. fuel stocks draw down; economic concerns loom

Oil prices settle steady on higher U.S. demand, weaker dollar

January 31, 2023
S&P 500 Down 1%; Crude Oil Drops Over 2%

S&P 500 Down 1%; Crude Oil Drops Over 2%

January 30, 2023
Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023

Investing

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

February 1, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023
Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

January 30, 2023
Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023

Market

‘Full investigation’ promised into UK wildlife haven oil spill

‘Full investigation’ promised into UK wildlife haven oil spill

March 27, 2023
Libyan state oil chief stresses support across divided country

Libyan state oil chief stresses support across divided country

March 26, 2023
Iraq wins landmark case against Turkey over Kurdish oil exports

Iraq wins landmark case against Turkey over Kurdish oil exports

March 25, 2023
UK government expected to offer energy companies windfall tax relief

UK government expected to offer energy companies windfall tax relief

March 24, 2023

OPEC

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

February 1, 2023
‘OPEC does not control the price’: OPEC President | OPEC News

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023
OPEC+ Closely Watches Chinese Factory Data

OPEC+ Closely Watches Chinese Factory Data

January 30, 2023
Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.