- Energy Transition: Projections of peak oil, gas, and coal demand before 2030 deemed ‘extremely risky and impractical’
- Africa: BW Offshore wraps up much-anticipated sale of Nigerian FPSO
- Senegal: European JV aims to revolutionize country’s power infrastructure
- Congo: Eni, Lukoil, and SNPC ink LNG sale and purchase agreement in a ‘significant milestone’
- Aramco CEO calls for ‘more realistic and robust’ multi-source plan in global energy transition
Africa Oil & Gas: SacOil settles OPL 233 legal dispute with Nigdel
SacOil, a South African based independent African oil and gas company, has announced an update with regards to the legal dispute with Nigdel United Oil Company relating to the Company’s legacy involvement in Oil Prospecting Licence (‘OPL’) 233 in Nigeria.
After careful consideration of the independent legal and financial opinion provided to date, SacOil has entered into a settlement agreement with Nigdel whereupon both parties have withdrawn their respective litigation and arbitration claims.
Dr Thabo Kgogo, CEO of SacOil, commented, ‘This settlement removes any distraction in relation to our previous participation in OPL 233. The board of SacOil is confident that this is in the best interests of all our stakeholders, based on the sound legal and financial advice we have received. Furthermore, the decision to settle this case is not expected to have an impact on SacOil’s financial results for the current year.(Source: SacOil)
You must log in to post a comment.