Eni’s Temporary Halt on Nigeria Oilfield Dispute

Italy’s Eni has put a pause on the arbitration regarding an oilfield dispute with the Nigerian government. This move gives them time to discuss converting the license from prospecting to mining. The suspension of the arbitration for the OPL 245 oilfield has been confirmed by Eni at the World Bank’s dispute settlement body. Eni spokesperson stated, “Eni has agreed with the Federal Government of Nigeria to mutually and temporarily suspend the arbitration proceedings in order to discuss with the government the necessary steps for achieving the conversion of the license from prospecting into mining (extraction).” This decision comes shortly after Nigeria dropped civil claims amounting to $1.1 billion against Eni in connection to corruption allegations in the OPL 245 deal.