Nigeria court rules Chevron can't sell assets pending dispute

|About: Chevron Corporation (CVX)|By:, SA News Editor

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.