• Thu. Nov 30th, 2023

New Development: Eni Halts World Bank Arbitration Amidst Dispute over Nigerian Oilfield


Nov 20, 2023

Italian multinational energy company Eni recently participated in the LNG 2023 energy trade show in Vancouver, British Columbia, Canada. Despite being embroiled in a dispute with the Nigerian government over the OPL 245 oilfield, Eni’s logo was prominently displayed at their booth during the event. The company has temporarily suspended arbitration proceedings to engage in discussions with the government about converting the license from prospecting to mining. This move was made in collaboration with the Federal Government of Nigeria and follows Nigeria’s withdrawal of civil claims totaling $1.1 billion against Eni related to allegations of corruption in the OPL 245 deal. The development provides both Eni and the Nigerian government with an opportunity to explore potential solutions and determine necessary steps for achieving the conversion of the license.

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