Italy’s energy giant, Eni has temporary halted arbitration regarding an oilfield dispute with the Nigerian government.
This according to sources is to allow the firm buy time to discuss a conversion of the licence from prospecting to mining.
Eni confirmed the suspension of the arbitration regarding OPL 245 oilfield at the World Bank’s dispute settlement body.
“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 licence from prospecting into mining (extraction),” an Eni spokesperson told Reuters.
The move comes days after Nigeria withdrew civil claims totalling $1.1 billion against Eni related to allegations of corruption in OPL 245 deal.