Shell and Equinor are reportedly among oil giants that agreed to settle with state-owned energy company Nigerian National Petroleum to terminate a multibillion-dollar legal action.
Bloomberg News reported Wednesday that Equinor and Chevron have called for a suspension of its US lawsuit to October-end to close the settlement agreement. ExxonMobil and Shell are expected to follow in 60 days.
“All outstanding disputes in Nigeria have also been resolved,” a spokesman for Equinor told the news outlet. The oil companies separately sued the Nigerian firm over permit disputes in the allocation of crude oil.
The settlement deal arose over a week after the companies secured renewed leases from the Nigerian governments and production-sharing agreements with Nigerian National Petroleum.
Credit: dmarketforces
