Friday, September 25, 2020

NNPC legal team saves Nigeria $ 5.04 billion on four wins on the court

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By Michael Eboh

Nigeria’s National Petroleum Corporation, NNPC, revealed on Wednesday that its legal team won four major court cases bordering disputes surrounding oil wells and export terminals that helped the country save N5.04,000. million to Nigeria.

In a statement in Abuja, Group General Manager, NNPC Group Public Affairs Division, Dr. Kennie Obateru, stated that as a result of these victories, among others, the corporation’s legal team won the ‘Advisory Team Africa’s Leading Case Report 2020 Arbitration Awards.

Obateru listed the successful arbitration cases brought by the NNPC Legal Team at the conference to include the IPCO (Nigeria) versus NNPC legal fight, regarding the dispute over the Bonny Export Terminal Project in which they were spared $ 367.5 million after 13 years of litigation.

He also listed the case between ESSO Exploration and Production Nigeria Limited versus NNPC, regarding the dispute over the interpretation of the Production Sharing Contract, PSC, covering the Oil Exploration License, OPL, 209 / Oil Mining Lease, OML , 133 in which the application of the claim of $ 2.7 billion was dismissed.

Another recent arbitration, according to Obateru, included ESSO & Others versus NNPC, regarding alleged breaches in the interpretation and implementation of the PSC covering OPL 222 / OML 138 with more than $ 380,141 million saved and the Atlantic Energy Group versus Nigerian Petroleum Development Corporation, NPDC Case, regarding the allegation of improper termination of Strategic Alliance Agreements on eight OMLs that resulted in the award of $ 1.6 billion in favor of NPDC.

The NNPC spokesperson explained that the award was presented to the NNPC Litigation Team in recognition of their stellar performance at the 8th East Africa International Arbitration Conference (EAIC) recently held in Nairobi, Kenya, and the participants joined virtually.

He said: “At the conference that aimed to promote commercial arbitration and show African lawyers and law firms that they have performed well in the practice of arbitration, the NNPC Legal Team gave a presentation on the challenges and lessons learned. of arbitrations and recorded successes.

“In addition to the presentation, the participation of the NNPC Legal Team for the category of Leading Team of Case Advisers of the Arbitration Award from Africa was considered the best among the entries of 100 other institutions from Africa that resulted in the award.

“The award is a testament to the commitment of the Legal Division and, indeed, the corporation’s staff to the Transparency, Accountability and Performance Excellence (TAPE) agenda of NNPC management led by Mallam Mele Kyari.”

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