STATOIL TO APPEAL AGAINST JUDGMENT

A Norwegian oil firm, Statoil, has said it will appeal against the judgment of a Federal High Court in Lagos which directed it to honour an existing profit sharing agreement between it and its former vice-chairman, Dr. John Abebe, and his firm, Inducom Nigeria Limited.

Justice Charles Archibong had ruled in favour of Abebe, who is seeking 1.5 per cent net profit interest from Statoil's stake in the 240,000 barrels per day from Agbami oil fields.

'There was a ruling in his favour. We are going to appeal,' Reuters quoted Statoil spokesman Baard Glad Pedersen, as saying this on Tuesday.

Abebe, the brother-in-law to former President Olusegun Obasanjo, helped Statoil secure licences for oilfields in the Niger Delta between 1991 and 1999 and was on the board of Statoil's Nigerian office.