Offshore staff
SINGAPORE – Jadestone Energy has settled a dispute with INPEX subsidiary Teikoku Oil (Con Son) concerning the block 05-1 PSC offshore Vietnam.
In August 2016, an affiliate of Jadestone signed a sale and purchase agreement (SPA) with Teikoku to acquire a 30% interest in the PSC.
However, 18 months later, Teikoku issued a notice of termination of the SPA, which Jadestone did not accept.
In July 2020, following protracted negotiations, Jadestone filed a notice of arbitration with the Singapore International Arbitration Centre.
Both parties have now agreed on a full and final settlement in respect of the dispute.
11/11/2020
