The company has requested the ICSID to assess the Nigerian government’s conduct with regard to the agreement signed in 2011, which granted Eni and Shell exploration rights to OPL 245.
On 14 September 2019, Eni initiated the arbitration process against Nigeria in Washington at the International Centre for Settlement of Investment Disputes (ICSID), the World Bank organisation that judges international contract matters.
With the support of London-based law firm Three Crowns and Lagos-based firm Aluko & Oyebode, Eni has requested the ICSID to assess the Nigerian government’s conduct with regard to the agreement signed in 2011, which granted Eni and Shell exploration rights to OPL 245.
Although the Nigerian government has not revoked Eni and Shell’s oil exploration licence, it has yet to convert it into an extraction licence (Oil Mining Lease OML), therefore blocking production in the oilfield since 2011.
The investments made by the two companies to date for exploration amount to $2.5 billion.
OPL 245 expired in May 2021. The delay in starting production is thus depriving Nigeria of a considerable source of income. But if OPL 245 is not converted into an OML, $2.5 billion in investments already made by Eni and Shell to win the exploratory licence and carry out research will have been for nothing. The request for arbitration is intended to avoid this waste of resources and missed opportunity.
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EnergIA (ener'dʒia) is a system based on Generative Artificial Intelligence.
Thanks to this technology, we can respond to your requests by querying the most relevant content and documents available on eni.com. (Note: financial documents from the last 12 months and press releases from the last 2 years are considered.)
Through EnergIA, you can delve into topics of interest and have a real-time window into the world of Eni.
If you wish to search for a specific document, press release or news, use the traditional search engine via the magnifying glass icon.
Like all systems that leverage Generative Artificial Intelligence, EnergIA may generate inaccurate or outdated responses. Always consult the sources that EnergIA proposes as the origin of the generated information.
If the system fails to find an exact match for the requested content, it still tends to provide a response.
If you find any inaccuracies in the provided response, please send us your feedback at the bottom of the page: it will be very helpful for us to improve.
Remember that the content generated by the system does not represent Eni’s official position. We therefore invite stakeholders to refer to their designated contacts for official statements: Press Office for journalists, Investor Relations for analysts and investors, Company Secretariat for shareholders etc..
EnergIA can understand questions posed in almost all languages, but we prefer to provide you with a response in English or Italian, the two languages available on eni.com. If you ask a question in Italian, the content on the site in Italian will be consulted. If you ask it in English or any other language, the content in English will be consulted. (Note: the language Eni uses for financial documents/content is predominantly English.)
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