In a case that bears some resemblance to P&ID $9.6b claims against Nigeria, a U.S. judge on Wednesday rejected Exxon Mobil Corp’s and Royal Dutch Shell Plc’s effort to revive a $1.8 billion arbitration award against the Nigerian National Petroleum Corporation, NNPC.

The case stemmed from a dispute over a 1993 contract to extract oil near Nigeria’s coastline.

U.S. District Judge William Pauley in Manhattan cited public policy and due process considerations in deciding not to enforce the October 2011 award against Nigerian National Petroleum Corp (NNPC), which was subsequently set aside by courts in Nigeria.

“While this court may have inherent authority to fashion appropriate relief in certain circumstances, exercising that authority to create a $1.8 billion judgment is a bridge too far,” Pauley wrote in a 50-page decision.

The companies said last November that the award had grown to $2.67 billion, including interest.

Exxon, Shell and their respective lawyers did not immediately respond to requests for comment.

“NNPC is very pleased with the decision, and was always confident that there was no basis for a U.S. court to confirm the award,” its lawyer Cecilia Moss said in an interview.

According to court papers, the 1993 contract anticipated that Exxon and Shell affiliates would invest billions of dollars to extract oil from the Erha field, about 60 miles (97 km) off Nigeria’s coast, and share profits with NNPC.

But the affiliates, Esso Exploration and Production Nigeria Ltd and Shell Nigeria Exploration and Production Co Ltd, accused NNPC of unilaterally “lifting” more oil than was contractually allowed, at the behest of Nigeria’s government, depriving them of billions of dollars of oil.

Pauley said Exxon and Shell still have “multiple appeals pending” in Nigeria, and rejected their argument that it might be difficult to collect there.

Exxon and Shell “executed a contract in Nigeria with another Nigerian corporation containing an arbitration clause requiring any arbitration to be held in Nigeria under Nigerian law, and it then sought to confirm the award in Nigeria,” Pauley wrote. “[They] cannot now reasonably complain that [their] efforts to collect will be frustrated in Nigeria.”

In an Aug. 7 regulatory filing, Exxon said it did not expect the case to materially affect its operations or financial condition.

The case is Esso Exploration and Production Nigeria Ltd et al v Nigerian National Petroleum Corp, U.S. District Court, Southern District of New York, No. 14-08445.

https://www.pmnewsnigeria.com/2019/09/04/nigeria-escapes-from-another-1-8b-arbitration-award/

Thank God.....

The Lawyers representing Nigeria in that case right now....

GOD SAVE NIGERIA!

nnice very nice

As Buhari never see money buy airtime call Southie presdo, na this kind bill im go afford?

Thanks nu o

Uuulalaaaaaa!! FTC

post=81937544:
GOD SAVE NIGERIA!

Amen

Cool.....God is actually on our side.

God bless Federal Republic of Nigeria.

Nearly can not kill a bird..
Thank goodness we dodged this one..

Mheeen

Nawa

Just so you know, Dieziani Jonathan's concubine was once a director in Shell.

In 2006, she was appointed a director in Shell. She subsequently became a Minister under Jonathan. In 2011, Shell got that judgment against the NNPC.

Awon werey!

Sojebrand:
Amen

A BIG AMEN O!

NNPC/NPDC/NAPIM/FG own majority share(over 50%)of all oil blocks in nigeria. yet we are still poor

References:
In a case that bears some resemblance to P&ID $9.6b claims against Nigeria, a U.S. judge on Wednesday rejected Exxon Mobil Corp’s and Royal Dutch Shell Plc’s effort to revive a $1.8 billion arbitration award against the Nigerian National Petroleum Corporation, NNPC.

The case stemmed from a dispute over a 1993 contract to extract oil near Nigeria’s coastline.

U.S. District Judge William Pauley in Manhattan cited public policy and due process considerations in deciding not to enforce the October 2011 award against Nigerian National Petroleum Corp (NNPC), which was subsequently set aside by courts in Nigeria.

“While this court may have inherent authority to fashion appropriate relief in certain circumstances, exercising that authority to create a $1.8 billion judgment is a bridge too far,” Pauley wrote in a 50-page decision.

The companies said last November that the award had grown to $2.67 billion, including interest.

Exxon, Shell and their respective lawyers did not immediately respond to requests for comment.

“NNPC is very pleased with the decision, and was always confident that there was no basis for a U.S. court to confirm the award,” its lawyer Cecilia Moss said in an interview.

According to court papers, the 1993 contract anticipated that Exxon and Shell affiliates would invest billions of dollars to extract oil from the Erha field, about 60 miles (97 km) off Nigeria’s coast, and share profits with NNPC.

But the affiliates, Esso Exploration and Production Nigeria Ltd and Shell Nigeria Exploration and Production Co Ltd, accused NNPC of unilaterally “lifting” more oil than was contractually allowed, at the behest of Nigeria’s government, depriving them of billions of dollars of oil.

Pauley said Exxon and Shell still have “multiple appeals pending” in Nigeria, and rejected their argument that it might be difficult to collect there.

Exxon and Shell “executed a contract in Nigeria with another Nigerian corporation containing an arbitration clause requiring any arbitration to be held in Nigeria under Nigerian law, and it then sought to confirm the award in Nigeria,” Pauley wrote. “[They] cannot now reasonably complain that [their] efforts to collect will be frustrated in Nigeria.”

In an Aug. 7 regulatory filing, Exxon said it did not expect the case to materially affect its operations or financial condition.

The case is Esso Exploration and Production Nigeria Ltd et al v Nigerian National Petroleum Corp, U.S. District Court, Southern District of New York, No. 14-08445.

https://www.pmnewsnigeria.com/2019/09/04/nigeria-escapes-from-another-1-8b-arbitration-award/

lol...Dem wan finish Nigeria

PDP sold us to their western partners, thank God they had a fight because of Gay and Lesbian laws, if not they would have sold us off completely

.

Ok

The criminal vultures are desperate to feast on our Foreign reserves

Mehn.... Nigeria is not redeemable again . The corruption has eaten too deep . Every sector you must find one case of fraud

many people don't kw what to write, becus the news is just too strange to comprehend,

dear blogger please try write out your our words and not lifting words completely from other sites as news for people

Buhariiiiiiii

If you investigate the wealth of many wealthy Nigerians you'd be shocked.


Nigeria is Corruption,
Corruption is Nigeria

These people want to feed on Nigeria reserves by all means