Oil & Gas

London's High Court has upheld an injunction obtained by BB Energy, preventing the Republic of South Sudan from entering into new oil prepayment agreements. The decision, contained in a court order dated June 15 and made public on Wednesday, reinforces a previous ruling issued in May.

Under the ruling, South Sudan is barred from signing any new prepayment contracts involving Dar Blend or Nile Blend crude oil until it settles outstanding debts owed to BB Energy. The restriction will remain in place pending further court hearings on the matter.

BB Energy welcomed the court's decision, saying the injunction continues to prevent South Sudan from receiving additional advance payments for crude oil and also prohibits third parties from facilitating such arrangements. The company described the ruling as an important step in protecting its commercial interests.

The trading firm also revealed that it has received irrevocable letters of award from South Sudan's government for two crude oil cargoes scheduled for delivery before November. BB Energy has been pursuing legal action in London since last year, alleging that South Sudan failed to deliver oil purchased under prepayment agreements for 2024 and 2025. The company received its first cargo under those arrangements in February.