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Nigeria court rules Chevron can't sell assets pending dispute

  • Chevron (CVX) cannot sell some Nigerian onshore assets until it has settled a legal dispute with a local firm said to have made the highest offer, a Nigerian court rules.
  • The Nigerian firm, run by a former CVX executive, says it was the highest bidder at $1B-plus to buy a large cluster of blocks, but CVX apparently decided to look at alternative bids after the local firm failed to prove it could quickly raise the money.
  • CVX was looking to offload stakes of 40% in some onshore licenses along with exploration potential of 500M boe.
Comments (3)
  • smurf
    , contributor
    Comments (4155) | Send Message
     
    "Nigerian court". What a laugh. Want to bet this "court"'s pockets are amply lined with cash from "The Nigerian firm, run by a former CVX executive..........." ?
    27 Jan, 09:48 AM Reply Like
  • cymbalta
    , contributor
    Comments (201) | Send Message
     
    smurf

     

    dead on. Is there another country more corrupt than Nigeria? Oh, I forgot Kharz's Afghan mob.
    27 Jan, 01:47 PM Reply Like
  • User 353732
    , contributor
    Comments (4913) | Send Message
     
    The Russian model of expropriation via courts is spreading: Venezuela, Ecuador, Nigeria, Brazil, California.....are only some of the converts to this model which now presents major political risk for both international and domestic capital.
    27 Jan, 03:19 PM Reply Like
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