A Federal High Court in Lagos has rejected an application to stop the federal government from auctioning 10 marginal oilfields whose licenses have been revoked. As a result, increasing the number of Nigeria’s marginal oilfields up for auctioning to 67.
Justice Chukwujekwu Aneke dismissed the injunction, filed by the operators of affected marginal oil fields, to restrain the federal government from auctioning them as part of its licensing round.
The affected operators are Associated Oil & Gas Limited, Dansaki Petroleum Limited; Bayelsa Oil Limited; Bicta Energy and Management Systems Limited: Del-Sigma Petroleum Nigeria Limited; Sogenal Energy Limited; Independent Energy Limited; Sahara Energy; African Oil & Gas Limited and Goland Petroleum Limited.
The defendants in the lawsuit are the Minister of Petroleum Resources, Attorney-General of the Federation (AGF) and the Director, Department of Petroleum Resources (DPR), Mr Auwalu Sarki.
Ruling on the injunction, the court held that the operators of the affected marginal oil fields failed to convince the court on why the order ought to be granted. The judge also dismissed the application as the court decided that it lacked merit.
This means that over 600 companies would have more oilfields to scramble for as the litigation process had restricted them from putting the embattled oilfields up for auction. However, this is subject to October 29 2020 which has been scheduled for hearing of the substantive suit.
Almost everyone in developed and under-developed economies has been negatively affected someway by the covid-19 pandemic. Regardless of how minimal the impact has been on you and your family, this is the time to better prepare for what lies ahead. Use the current downtime to strengthen your knowledge and confidence. Read all 365 pages of “Push Your Dreams”. “Push Your Dreams” is an Electronic Non-Fiction Book of inspiring and powerful educational extracts authored by Olatorera Oniru. “Push Your Dreams” has 365 pages filled with powerful sparks to help you grow fast into an influential master of business and life. Available now on Olatorera.com/push-your-dreams and on Amazon.com.
About Olatorera Consultancy (OC):
Olatorera Consultancy is a modernistic venture combining deeply-rooted knowledge on Africa’s culture and challenges plus close relationships with topmost leaders to promote development. We provide consultancy, business development and advisory services to notable companies and high net-worth individuals.