Nigerian Oil Co. Sues Over Lost $1B Chevron Lease Deal

Law360, Houston (March 21, 2014, 7:52 PM EDT) -- A Nigerian energy developer launched a suit in Texas state court Thursday alleging a pair of rivals spread lies about the company’s financial strength, derailing a $1 billion offer it made to Chevron Corp. for three offshore oil leases.

Brittania-U Nigeria Ltd. says that after Chevron accepted its bid for the leases, Amni International Petroleum Development Co. Ltd., Belema Oil Producing Ltd. and several of the companies’ principals told Chevron executives that Brittania-U lacked the resources to close the deal. As a result, Chevron eventually backed...
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