A Federal High Court sitting in Lagos has trashed an application by Allied Energy Plc and Camac International (Nigeria) Limited to reclaim the OYO field.
The field which is in oil mining lease (OML) 120, has been in dispute between the parties and the Nigeria Agip Exploration Limited.
In particular, Allied Energy and Camac applied for Mandatory Injunction to remove all locks, chains and restraints of whatsoever nature on the export valves aboard the Vessel FPSO Armada Perdana located offshore within Nigeria territorial waters, off Onne Port, Rivers State of Nigeria on OML 120 including all crude oil produced from OYO field discharged into the vessel FSPO Armada Perdana. However, in a ruling delivered on March 8, 2018 by Justice T. A. O. Oyekan-Abdullai in Suit No. LD/019FRJ/2017, the Lagos State High Court refused Allied Energy and Camac’s application.
The refusal was sequel to the judgment of a Federal High Court in Lagos, which upheld an application by the Nigeria Agip Exploration Limited to enforce an award made by the London Court of International Arbitration in the dispute with Allied Energy Plc and Camac International (Nigeria) Limited on the OYO field.
Justice Hadiza R. Shagari gave the order following an application by Nigeria Agip Exploration Limited. Allied Energy Plc and Camac International (Nigeria) Limited are the respondents.
The applicant prayed the court to grant leave for the final award made in London Court on February 14, 2017 between it and the respondents to be recognised and enforced in Nigeria.
The application was brought pursuant to “section 31 (1) and (2), Section 51 (1) and (2) and Section 57 (1) of the Arbitration and Conciliation Act CAP A18, Volume 1, laws of the Federation of Nigeria.”
Ruling, Justice Shagari granted the application as prayed. She held: “It is hereby ordered that leave be granted to the Claimant/Applicant that the London Court of International Arbitration Final Award made in London between Nigeria Agip Exploration Limited and Allied Energy Plc, Camac International Limited and Camac International (Nigeria) Limited be recognised and enforced by this honourable court.”
The award by the Federal High Court in Lagos granted payment of some specific amount of money to Nigeria Agip Exploration Limited by Allied Energy Plc and Camac.
Nigeria Agip Exploration Limited has been in court with the two Nigerian companies that operate the OYO field over default in contractual agreement. According to the judgment of the Court, in the suit number FHC/L/CS/625/2017, the order was sequel to the ruling of the London Court of International Arbitration (LCIA) following a dispute on a Sale and Purchase Agreement (SPA) concluded in June 2012 between Nigerian Agip Exploration Limited (NAE) as Seller and Allied Energy Plc as Purchaser.