- 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.
Nigeria court rules Chevron can't sell assets pending dispute
Jan 27 2014, 09:14 ET