The Federal Government of Nigeria is poised to withdraw civil claims amounting to $1.1 billion against Eni SpA, signaling the conclusion of a protracted legal dispute in Italian courts related to corruption allegations in an oil field deal.
The Ministry of Justice is set to unconditionally and immediately waive the claims before Italy’s highest court no later than November 17, according to a letter seen by Bloomberg.
The country will also irrevocably forfeit the right to pursue further legal action in Italy against Eni, its affiliates, and current and past officers concerning rights for Oil Prospecting License 245 (OPL 245).
Eni acknowledged the receipt of the letter and expressed its readiness to collaborate with the Nigerian government to facilitate the conversion of the prospective license for the development of the oil block.
Operations in the oil block have been stalled for over a decade due to various trials and legal disputes.
Eni estimates the area, known as OPL 245, to hold potentially 560 million barrels of recoverable reserves, making it one of the country’s richest concessions.
The resolution of additional claims, including arbitration proceedings at the World Bank’s International Centre for Settlement of Investment Disputes and domestic litigation in Nigeria, will determine whether Eni and its partner Shell Plc can proceed with the development of OPL 245.
Last year, Eni, Shell, and some of their managers were definitively acquitted in a Milan criminal case related to bribery allegations.
