NNPC gets discharged of $2.7bn debt to ESSO by US Court

Nigerian National Petroleum Corporation, in the protracted litigation which emanated from the disputes between NNPC and ESSO regarding the implementation of the Production Sharing Contract dated May 21, 1993, covering OPL 209/OML 133, gets judgement in its favor.

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The judgement which was delivered by the U.S.Southern District Court of New York on the 4th of September, discharged the Nigerian National Petroleum Corporation of the $2.7bn debt to the ESSO Exploration and Production Nigeria Limited and Shell Nigerian Exploration and Production Company Limited (collectively ESSO).

According to Vangard News, this was announced by the NNPC spokesman, Mr Ndu Ughamadu in a statement issued by him on Sunday.