A Federal High Court in Lagos, Nigeria, has granted an injunction to oil and gas exploration and production company Lekoil against Optimum Petroleum Development over a dispute pertaining to an offshore oil and gas asset.

Optimum holds a 60% stake in OPL 310 while Lekoil’s affiliates collectively hold a 40% stake.

Lekoil has invested more than $250m for its stake in the OPL 310.

In 2013, Lekoil announced the Ogo field discovery in OPL 310 with significant resources.

Lekoil said it has resorted to litigation in Lagos following several efforts to agree with Optimum over securing its 40% interest in OPL 310.

The Federal High Court’s latest injunction prevents Optimum Petroleum from intervening with the rights and interests of Lekoil in the OPL 310 licence area.

Lekoil CEO Lekan Akinyanmi said: “We are pleased with the decision of the Federal High Court in Lagos to grant the injunction in our favour. This signifies that investors’ interests are protected in Nigeria’s oil and gas sector. 

“It is a crucial step in protecting our rights and interests in the OPL 310 licence area, and will allow us to move forward with credible development plans that will benefit the nation.”

Located in the Dahomey Basin, to the south-east of the Volta Fan and to the south-west of the Niger Delta, the OPL 310 block lies in water depths ranging from the shoreline on the north side of the block to 1,900m in the south.