Oil Royalties

Nigeria has sued an oil exploration production company, ALLIED ENERGY PLC, owned by Texas-based billionaire Kase Luqmon Lawal to demand $35.7 million debt. The suit was filed at a Federal high Court in Lagos by the oil minister, which is President Muhammadu Buhari. The amount in question was for royalty on oil and gas production, concession rental and gas flaring penalty. In a statement of claim, assistant director, planning Division of the Department of petroleum resources Efe Bassey, alleged that Allied Energy PLC in receivership, in the course of it’s mainstream business, applied for and was granted an oil mining lease number 120(OML120) and oil mining lease number 121(OML121) for the exploration and production of petroleum oil and gas assets. Upon the grant of the aforesaid OMLS by min...