Nigeria: Seplat takes over blocks after court ruling

A ruling by Nigeria’s Supreme Court has paved the way for Seplat to take over operating stakes in OML 53 and OML 55 that the company acquired from Chevron Nigeria in February 2015 (AE 294/17). The court delivered a judgement in favour of Seplat and Chevron in a litigation brought against both parties by Brittania-U Nigeria Limited, which had contested the sale to Seplat of a 40% working interest in OML 53 and effective 22.5% working interest in OML 55, held through 56.25% ownership of the share capital of Belemaoil Producing Limited. The Supreme Court’s 29 January ruling allows Chevron to conclude the full transfer and operatorship of the assets to Seplat with immediate effect.