Eni is getting ever closer to a field in Nigeria worth almost 10 billion
The possibilities of an agreement on the offshore field marked by the Op1245 exploration license are taking shape, after the latest discussion between Eni, Shell and the Nigerian government, involved in a series of diplomatic meetings that touched London, Paris and Amsterdam. This is reported by Mf. Almost three months have passed since Nigeria's request for compensation, amounting to more than a billion dollars, relating to that exploration license was withdrawn. There are only a few days left until February 23, the date beyond which, in the absence of an agreement, Eni could reactivate the international arbitration started in 2019 to recover investments in the field. Currently, the procedure at the ICSID (International Center for the Settlement of Investment Disputes) is suspended.
To fully understand the situation, it is important to remember that the oil permit, purchased by the two companies in 2011 for 1.3 billion dollars, was the subject of a complex legal battle that ended on March 17, 2021 with the complete acquittal of Eni (including the former CEO, Paolo Scaroni, and the current one, Claudio Descalzi) and its partner Shell on corruption charges international. In this delicate phase, the group led by Claudio Descalzi keeps a low profile: “No comment on the current dialogue with Nigerian government representatives,” is the official statement from Eni. However, in Nigeria the issue is at the center of attention. The news of an alleged agreement between Eni and Shell was anticipated by a local newspaper, but was promptly denied. However, the minister Added to Nigerian Oil, Heineken Lokpobiri, had to at least partially reveal the details of the negotiations, confirming that negotiations are underway and that President Bola Tinubu is interested in reaching an agreement.
The primary objective is to unlock investments, allowing oil companies to resume exploration activities and to advance towards the production phase, as well as reassure other foreign investors interested in the Nigerian oil sector. Regarding the field at the center of the negotiations, Lokpobiri estimates that investments could amount to around 10 billion dollars.
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