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.

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Comments (3)
  • smurf
    , contributor
    Comments (5900) | 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 2014, 09:48 AM Reply Like
  • cymbalta
    , contributor
    Comments (285) | Send Message
     
    smurf

     

    dead on. Is there another country more corrupt than Nigeria? Oh, I forgot Kharz's Afghan mob.
    27 Jan 2014, 01:47 PM Reply Like
  • User 353732
    , contributor
    Comments (5145) | 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 2014, 03:19 PM Reply Like
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