Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Rivers Assembly approves settlement with NNPCL over OML11

    Rivers Assembly approves settlement with NNPCL over OML11

    October 26, 2022
    Share
    Facebook Twitter LinkedIn WhatsApp

    Mkpoikana Udoma

    Port Harcourt — The Rivers State House of Assembly has approved the request by Governor Nyesom Ezenwo Wike, to explore an out of court settlement with NNPC Limited over the state’s ownership stakes in OML 11, and other related oil and gas assets in the State.

    *Rivers State House of Assembly.

    Speaker of the House, Rt. Hon. Ikuinyi-Owaji Ibani, while commenting on the significance of the request, said the out of court negotiation with NNPC Limited was for the overall interest of Rivers people, as well as for the growth and development of the State

    Ibani explained that alternative dispute resolution solves a lot of problem in the society, as well as saves time and money.

    “Philosophers who brought about alternative dispite resolution in the legal profession and adjudication did well and this is one of such situations where both parties can benefit.

    “Alternative dispite resolution is a symbiotic relationship where both parties will benefit. You can see that both the Rivers State Government and NNPC Limited will benefit.

    The Speaker who raised a vote for the approval of the request, thanked members of the House who contributed to success of the approval.

    He urged the clerk of the House to ensure that the resolution of the House is ready for onward transmission to the governor as soon as possible.

    “If you are in support that the House should grant consent to the Rivers State Government to negotiate an out of court settlement with the NNPC Limited as well as act in whatever manner neccessary to achive and secure the best economic interest for the state from the state existing interest in OML11 and other associated oil and gas assets.

    “Including approval to utilize and disbursed whatever proceeds thereof for the conclusion of all ongoing infrastructural projects and the delivery of other services for the benefit of our people, can you indicate by raising up you hand.

    “From the result of the vote, the House has given approval for the Rivers State Government to negotiate an out of court settlement with the NNPC Limited in OML11, and other related oil and gas assets in the State.”

    Follow us on twitter

    Related News

    OPEC+ adopts plan for 2027 baselines ahead of July output hike talks

    Port Harcourt Refinery shutdown after six months raises new questions

    Saudi Aramco sets spread for three-part bond sale

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    OPEC+ adopts plan for 2027 baselines ahead of July output hike talks

    May 28, 2025

    Gold prices rise amid fiscal and geopolitical risks

    May 28, 2025

    Verdagy’s hydrogen to power Mainspring Energy’s linear generators

    May 28, 2025

    Nigeria rallies economic team to counter US 14% tariff threat

    May 28, 2025

    Nigeria targets 12Bcf gas output, eyes top 10 global ranking by 2030

    May 28, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.