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LEKOIL sues Ministry of Petroleum Resources
LEKOIL sues government over its ignorance to grant consent for its investment
LEKOIL limited sues the government’s over failure to grant consent for LEKOIL’s investment in Oil Prospecting Lease (OPL).
They have also not received consent form the Ministry for acquisition of the additional 22.86% interest in OPL 310. Also the Ministry has not explained why the consent has not been forthcoming.
OPL 310 is an offshore license which includes the potentially large Ogo oil discovery, which is located in shallow water, offshore Lagos.
On 1 February 2013, Mayfair Assets and Trust Limited, a subsidiary of LEKOIL, farmed into Afren Investments Oil and Gas (Nigeria) Limited’s (AIOGNL) interest in OPL 310 for a 17.14% participating interest and 30% economic interest, subject to ministerial consent from Nigeria’s Minister for Petroleum Resources. Hence, Ministerial Consent was granted for the interest on 9 June 2017.
On 1 December 2015, LEKOIL announced an agreement with the administrator of Afren and Afren Nigeria Holding Limited to acquire the shares of AIOGNL. This interest was also subject to Ministerial Consent from the Minister for Petroleum Resources.
The acquisition meant that they would hold a consolidated participating interest of 40% and an economic interest of 70 per cent in OPL310 and would become the technical and financial partner of Optimum Petroleum Development Company, the operator and local partner in OPL310 which retains a 60 per cent participating interest.
LEKOIL limited is an oil research and production company.