ERHC Commences Arbitration in Blocks 5 & 6 of Joint Development Zone
ERHC Energy has dispatched notices of arbitration for service on the Joint Development Authority (JDA) and the governments of Nigeria and Sao Tome and Principe to commence arbitration in London.
The arbitration relates to ERHC's rights in Joint Development Zone (JDZ) Blocks 5 and 6. No Production Sharing Contracts have been signed in either Block since working interests in the Blocks were awarded in 2005 to several companies, including ERHC. ERHC was awarded a 15 percent working interest in JDZ Blocks 5 and 6 in a 2005 bid/licensing round conducted by the JDA, following the exercise by ERHC of preferential rights in the Blocks as guaranteed by contractual and treaty arrangements.
ERHC wants the London Court of International Arbitration (LCIA) to clarify that ERHC's interests in JDZ Blocks 5 and 6 remain intact. Earlier, ERHC filed suit in the Federal High Court in Nigeria to ensure that no action contrary to ERHC interests was taken in both Blocks pending the arbitration in London.
Neither the notice of arbitration nor the lawsuit concerns any of ERHC's other interests in the JDZ and in the Sao Tome and Principe Exclusive Economic Zone.
"We are hopeful that resolving this matter quickly and amicably will serve as the spark needed for all interested parties to finally make the long-awaited progress in Blocks 5 and 6," said ERHC Chief Operating Officer Peter Ntephe. "Our involvement in JDZ Blocks 2, 3 and 4 has affirmed our conviction on how well the process can work when operators have world-class expertise."
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Analyst Says USA Influence on Middle East Seems to be Fading
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally