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Nigeria: InterOcean Oil - Govt Secures Victory At U.S. Tribunal, Relieved of $1.5bn Liability
Vanguard, 7 October 2020
The International Centre for Settlement of Investment Dispute, ICSID, based in the United States of America, has ordered Interocean Oil Development Company and Interocean Oil… Read more »
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Nigeria: U.S. Arbitration Tribunal Frees Nigeria of $1.5bn Liability
This Day, 8 October 2020
Nigeria has again won another international legal battle as the United States-based International Centre for Settlement of Investment Dispute ordered Inter Ocean Oil Company to pay… Read more »
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Nigeria: U.S. Tribunal Orders Inter Ocean Oil to Pay Govt $660,000 Arbitration Cost
This Day, 7 October 2020
Nigeria again won another international legal battle as the United States-based International Centre for Settlement of Investment Dispute has ordered Inter Ocean Oil Company to pay… Read more »
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Nigeria: U.S. Firms Battle NNPC, CAC Over Ownership of Pan Ocean Oil
This Day, 12 September 2014
Interocean entities, comprising Interocean Oil Development Company (Nigeria) and Interocean Oil Exploration Company (Nigeria), companies incorporated under the laws of Delaware in… Read more »
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Nigeria: U.S. Tribunal Orders Oil Firm to Pay Nigeria $660,000
Premium Times, 7 October 2020
The Minister of Justice, Abubakar Malami, on Wednesday, welcomed the judgment of a U.S.-based tribunal, which ordered InterOcean Oil Company to pay the federal government 660,129… Read more »
Oil Firm to Pay Nigeria Govt's U.S.$600,000 Legal Costs
The Nigerian government has won an international legal battle after the International Centre for Settlement of Investment Disputes, ordered Interocean Oil Company to pay U.S.$660,000 - reimbursing the government of its share of arbitration costs incurred, in a case the firm brought against it in 2013. The dispute arose from an alleged breach of contract in an oil exploration and production joint venture. The tribunal found that Nigeria did not breach any of its obligations in the contractual agreement. This follows another case in which the Nigeria government was sued by firm, Process and Industrial Developments for U.S.$9,6 million, for allegedly breaching the terms of a gas supply and processing agreement contract it reportedly signed in 2010. This case is still pending.
