How NNPC secured positive judgement against ESSO, Shell in U.S. - Official - Premium Times Nigeria

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How NNPC secured positive judgement against ESSO, Shell in U.S. – Official

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against ESSO Exploration and Production Nigeria Limited and Shell Nigerian Exploration and Production Company Limited .

ESSO referred its claims to arbitration in Nigeria and obtained an Arbitral Award of $1.799 billion on October 24, 2011, with annual interest running at LIBOR plus 4 per cent. NNPC challenged ESSO’s Application on the ground that there was no award, which the U.S. court could enforce as a competent court in Nigeria had since set aside the Award.

At the close of the Discovery Procedure, the court ordered NNPC and ESSO to appear for an oral hearing, which was held before Honourable Judge W. H. Pauley on February 1, for parties to canvass their respective positions. “By this development, NNPC has successfully secured the dismissal of ESSO’s application to secure recognition and enforcement of its Arbitral Award valued in excess of US$2,699,405,616 plus interest.

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