• Wed. Dec 6th, 2023

Breaking News: Eni Ends World Bank Arbitration in Controversial Nigerian Oilfield Dispute


Nov 20, 2023

Recently, Eni, an Italian multinational energy company, took part in the LNG 2023 energy trade show in Vancouver, British Columbia, Canada. At their booth during the event, their logo was prominently displayed. Despite being involved in a dispute with the Nigerian government over the OPL 245 oilfield, Eni has decided to temporarily suspend arbitration proceedings in order to engage in discussions with the government about converting the license from prospecting to mining. This decision has been made in collaboration with the Federal Government of Nigeria.

The move follows Nigeria’s withdrawal of civil claims totaling $1.1 billion against Eni related to allegations of corruption in the OPL 245 deal. This development will provide both Eni and the Nigerian government with an opportunity to explore potential solutions and determine the necessary steps for achieving the conversion of the license.

Eni’s participation in this trade show is significant as it shows their continued commitment to staying up-to-date on developments within the energy industry. Despite ongoing legal challenges related to their activities in Nigeria, they have chosen to engage in constructive dialogue with the government rather than pursuing litigation at this time. This decision may pave way for a more positive relationship between Eni and Nigeria and help resolve issues related to OPL 245 once and for all.

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