In view of the pending action instituted by Shell Nigeria Exploration and Production Co (SNEPCo), Esso Exploration and Production Nigeria (Deepwater) Limited and Total E&P Nigeria Limited against Nigerian National Petroleum Corporation (NNPC) before a Nigerian Court in respect of the dispute arising from a 30-year production-sharing contract between the aforementioned parties, a New York federal judge also hearing a similar matter (a $1.4 billion arbitral award against NNPC) has granted a ‘Stay of proceeding to Claimants (i.e. SNEPCo & Ors) pending the determination of the similar suit before the Nigerian Court.
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