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Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC - Business - Nairaland

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Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by divinehand2003(m): 6:50am On Aug 25
ExxonMobil Corporation, Chevron Corporation, and Equinor ASA have said they will withdraw their lawsuits of about $3 billion, against the Nigerian National Petroleum Company (NNPC) Limited.

 
According to court letters, dated August 22, seen by Bloomberg yesterday, the oil majors told two New York federal judges that they had agreed to settle with NNPC.
It added that the IOCs also agreed to terminate ongoing litigation once the new arrangements take effect.


The move comes 10 days after NNPC renewed oil production sharing contracts (PSCs) with the oil majors — after nearly three decades.

The national oil firm also resolved lingering disputes with the PSCs contractors.

According to Bloomberg, lawyers representing Equinor and Chevron asked the judge to suspend the case until the end of October “to allow sufficient time for the conditions to be satisfied and for the settlement agreement to become effective”.

The companies said once that is done, they “expect to withdraw this action”.
On their part, Exxon and Shell, in a separate letter, said they expect to withdraw the litigation after 60 days.


In 2017, Equinor and Chevron filed a suit in the US, asking a court to enforce a $1.1 billion award issued by an arbitration tribunal against NNPC in 2015.

Shell and Exxon initiated similar proceedings in New York in 2014 over a $1.8 billion arbitration award.

Both penalties followed allegations by the oil majors that the NNPC took crude beyond its entitlement under 1993 PSC contracts, designed to incentivise the companies to develop deep offshore blocks.


https://leadership.ng/exxonmobil-shell-chevron-to-withdraw-3bn-suits-against-nnpc/

Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by divinehand2003(m): 6:53am On Aug 25
It is not wise to have issues with these mega oil companies. It better and safer to play by their rules for peace to rain.

1 Like 2 Shares

Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by Nobody: 6:57am On Aug 25
Let peace just rain

1 Like

Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by javijabor: 7:10am On Aug 25
Settle Amicably
Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by noble71(m): 7:10am On Aug 25
They have settled out of Court. Normal 9ja way.




Vote for Peter Obi for President




Meanwhile at a good rate sell your Pi π to us.

6 Likes

Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by kingphilip(m): 7:10am On Aug 25
Them don threaten them?

Or Lia Mohammed brother no de there wey go give them sanctions?
Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by Anijay1212(m): 7:11am On Aug 25
Bunch of thieving manipulatos always coniving with civil and public servants cum politicians to defraud Nigerians.
Nonsence.

angry
Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by WarriAproko: 7:13am On Aug 25
Fear faer company
Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by iHateFraudsters: 7:13am On Aug 25
divinehand2003:
It is not wise to have issues with these mega oil companies. It better and safer to play by their rules for peace to rain.
judegreat:
Let peace just rain

No be small rain.

What of thunderstorm?

4 Likes

Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by GeneralDae: 7:13am On Aug 25
Buhari yet again covering up the mess in the Jonathan Government just like in the power sector privatisation bouhaha.

1 Like 1 Share

Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by inoki247: 7:13am On Aug 25
Dem wan run am out of court be that at least dat will save both side time and money....
Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by Agboriotejoye(m): 7:13am On Aug 25
kingphilip:
Them don threaten settle them?
Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by Gbeng30(m): 7:16am On Aug 25
Non of this oil company is clean they all have illegal way of generating money which nnpc is aware of, so whether nnpc threaten them or not there will be consequences, so it's better for them to withdraw the case

1 Like

Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by Coronavirus1: 7:17am On Aug 25
All na wash government magic
Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by SmartPolician: 7:24am On Aug 25
NNPC is a perfect replica of everything wrong with the Nigerian state. It makes one step forward and takes 5 steps backwards. 45 years after the NNPC was founded, we still depend on IOCs to help manage our crude oil exploration and production.

Nigeria has never been a serious country. In serious countries, the NNPC would be so big that it may be competing with the IOCs or ask them to return to their countries. In fact, the NNPC will be helping smaller African countries like Ghana, Gabon and Angola manage their crude oil resources.

Unfortunately, the big for nothing corporation just reports deficits every year and their GMDs earn fat salaries for declaring deficit every year. Like Peter Obi always says, it is high time we started running Nigeria like a proper business.

2 Likes

Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by money121(m): 7:26am On Aug 25
Ok
Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by INTEGRITYA1(m): 7:39am On Aug 25
Okay
Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by mayskit4luv(m): 8:02am On Aug 25
Okay
Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by stepaside2: 8:05am On Aug 25
The signing of the recent PSC extensions and lease renewals as part of PIA implementation is significant and the reason why these disputes can be amicably settled. Both FG/NNPC and oil majors have done the best thing in the circumstance and I commend both parties. Projects that were stalled for years can now go ahead and be funded and executed by the oil majors. We are looking at around $500bln revenue over the 20-yr lease period which is significant.
Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by walozanga(m): 8:07am On Aug 25
I think there is something fishy going on
Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by Yankiss(m): 8:22am On Aug 25
The NNPC has never been transparent, run by a cartel for a cartel. If they are up to task, we are not supposed to be having American and British companies in the mix. The system should have been indigenized completely decades ago. As it were, major earnings from our oil goes to these countries by proxy. We have been politically independent but economically still being milked.

5 Likes 4 Shares

Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by oluwaseyi0: 8:34am On Aug 25
divinehand2003:
It is not wise to have issues with these mega oil companies. It better and safer to play by their rules for peace to rain.

Even when the terms are not favourable to Nigeria? What type of slavery ass-licking is this sad

Play by their rules in our own country, shey you dey wyne me ni

2 Likes

Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by jaytee01(m): 8:38am On Aug 25
SmartPolician:
NNPC is a perfect replica of everything wrong with the Nigerian state. It makes one step forward and takes 5 steps backwards. 45 years after the NNPC was founded, we still depend on IOCs to help manage our crude oil exploration and production.

Nigeria has never been a serious country. In serious countries, the NNPC would be so big that it may be competing with the IOCs or ask them to return to their countries. In fact, the NNPC will be helping smaller African countries like Ghana, Gabon and Angola manage their crude oil resources.

Unfortunately, the big for nothing corporation just reports deficits every year and their GMDs earn fat salaries for declaring deficit every year. Like Peter Obi always says, it is high time we started running Nigeria like a proper business.

How will the corporation be successful when it is managed and populated mostly by barely literate aboki who would never have smelt such jobs in a merit driven private company?

This is also why the refineries are still "in operation" despite not refining a single litre of Petroleum products in years. All these places exist to provide juicy employment opportunities to people from a particular part of the country.

3 Likes

Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by divinehand2003(m): 8:44am On Aug 25
oluwaseyi0:


Even when the terms are not favourable to Nigeria? What type of slavery ass-licking is this sad

Play by their rules in our own country, shey you dey wyne me ni

You will not understand

1 Like

Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by SmartPolician: 9:01am On Aug 25
jaytee01:


How will the corporation be successful when it is managed and populated mostly by barely literate aboki who would never have smelt such jobs in a merit driven private company?

This is also why the refineries are still "in operation" despite not refining a single litre of Petroleum products in years. All these places exist to provide juicy employment opportunities to people from a particular part of the country.

This has nothing to do with tribe.

There are many agencies that are in comma and are managed by Southerners.

For instance, we have seen how Niger Delta people use NDDC to do whatever they like.

The earlier we admit that an average Nigerian mins is corrupt (and that it has nothing to do with tribe), the better for us.
Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by techWriter3: 9:11am On Aug 25
No would small hail
Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by fxexperts: 10:56am On Aug 25
SmartPolician:


This has nothing to do with tribe.

There are many agencies that are in comma and are managed by Southerners.

For instance, we have seen how Niger Delta people use NDDC to do whatever they like.

The earlier we admit that an average Nigerian mins is corrupt (and that it has nothing to do with tribe), the better for us.
You say what. For your information NDDC is also run by the aboki. Please don't doubt go and confirm, I have had dealings with NDDC before. This will tell you the extent of Slavery the Niger Delta are into in this contraception called Nigeria.
Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by mustbewell: 10:58am On Aug 25
Because they changed LOGO.�
Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by Panda7(m): 6:50pm On Aug 25
ask mega oil companies what's their investment in nigeria, they have zero to none thats why they continue to run on a lost profit
Re: Exxonmobil, Shell, Chevron To Withdraw $3bn Suits Against NNPC by Codes151(m): 7:57pm On Aug 25
Goes to show how corrupt this NNPC is.
No wonder they extended their deals

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