A U.S. judge on Wednesday rejected Exxon Mobil Corp's and Royal Dutch Shell...
) effort to revive a $1.8 billion arbitration award against Nigeria’s state-run oil company, which stemmed from a dispute over a 1993 contract to extract oil near the African country’s coastline.
“While this court may have inherent authority to fashion appropriate relief in certain circumstances, exercising that authority to create a $1.8 billion judgment is a bridge too far,” Pauley wrote in a 50-page decision.Exxon spokesman Todd Spitler said the Irving, Texas-based company disagreed with the decision and was evaluating its next steps. Shell and its lawyers did not immediately respond to requests for comment.
But the affiliates, Esso Exploration and Production Nigeria Ltd and Shell Nigeria Exploration and Production Co Ltd, accused NNPC of unilaterally “lifting” more oil than was contractually allowed, at the behest of Nigeria’s government, depriving them of billions of dollars of oil.
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