Breaking News: Eni Ends World Bank Arbitration Amidst Controversy over Nigerian Oilfield

Eni, a prominent Italian multinational energy company, recently showcased their logo at the LNG 2023 energy trade show in Vancouver, British Columbia, Canada. Despite ongoing disputes with the Nigerian government over the OPL 245 oilfield, Eni has temporarily suspended arbitration proceedings to engage in discussions with the government about converting the license from prospecting to mining. This decision was made in collaboration with Nigeria’s Federal Government and follows its withdrawal of civil claims worth $1.1 billion against Eni related to allegations of corruption in the OPL 245 deal. By doing so, both parties will have an opportunity to explore potential solutions and determine the necessary steps for achieving license conversion.