Nigeria: NNPC accused of trying to seize oil block

Canadian oil company James Bay Resources Ltd (JBR), 45% owner of Crestar Integrated Natural Resources Ltd which held the right to purchase a 45% participating interest in OML 25 in the Niger Delta, has hired law firm Amsterdam & Partners in relation to its stake in the block. The company claims Nigerian National Petroleum Corporation (NNPC) has unlawfully blocked the closing of its purchase of Shell’s interest in OML 25. The remaining 55% stake in Crestar is owned by the Crestar Hydrocarbon Exploration and Production Company Ltd, which is entirely Nigerian owned.