An Abuja Federal High Court Wednesday commenced hearing in a suit filed by Global Gas and Refining Limited.
In the suit, the oil company is seeking an order restraining Shell Petroleum Development Company of Nigeria Limited (SPDC) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) from selling its onshore asset to Renaissance, a Consortium made up of ND Western Aradel Energy, First E and P, Watersmith and Petrolin.
Marked, FHC/ABJ/CS/413/2024, the company, through its counsel, Mr. Patrick Ikwueto, SAN, seeks the restraining order of the court pending the hearing and the determination of the appeal and cross appeal filed by the parties before the Supreme Court.
The suit followed a protracted dispute over a Gas Processing Agreement (GPA) between the parties and the subsequent arbitration award that has become a subject of appeals.
In its suit, Global Gas is urging the Federal High Court to issue interim orders preventing SPDC from divesting its assets and halting the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) from approving the sale.
The company argued that allowing the transaction to proceed would jeopardise its ability to enforce any favourable judgment or arbitration award, as the assets in question are integral to the dispute.
Global Gas contends that the divestment would undermine the ongoing proceedings and render any eventual arbitration or judicial relief ineffectual.
When the matter came up for hearing Wednesday, counsel to the plaintiff, Global Gas and Refining Limited, Mr Patrick Ikwueto, SAN told the trial Judge, Justice Inyang Ekwo, that the matter was earlier slated for report on out of court settlement.
He, however, told the court that the attempt to settle the matter out of court had failed and prayed the court for a date to commence trial.