An Abuja Federal High Court Judge, on July 6, granted NNPC an “order of interim injunction” on July 6, 2022, barring Exxon “from completing any divestment” in a unit that ultimately operates four licenses in Nigeria, Bloomberg reported on Monday.
Seplat Energy, had agreed to acquire the United States oil major’s subsidiary for at least $1.28billion in February.
NNPC sued Mobil Producing Nigeria Unlimited on July 5, 2022, asking the Federal High Court either to order that a dispute had occurred between the parties over preemption rights, or to order them to take the matter to arbitration, Seplat was quoted to have said in a statement.
However, Seplat said its deal with Exxon was still valid adding the company “remains confident that the matter will be brought to a proper conclusion in accordance with the law.”
The acquisition, if completed, would give Seplat additional production of about 95,000 barrels of oil equivalent a day from shallow-water assets that Exxon operated in a joint venture with NNPC.