We're pleased to have advised the Federal Government of Nigeria on the settlement agreement, reached with Eni on 5 March 2026, concerning Oil Prospecting Licence 245 (OPL 245).
The agreement provides for the mutually agreed settlement of all claims relating to OPL 245 and the termination of the ICSID arbitration.
This represents an important step towards the development of OPL 245 field and the resolution of long-running disputes connected with the conversion of the licence to a mining licence.
Leading Nigeria's legal team, Partner Timi Balogun said 'Bringing a dispute of this complexity and duration to a successful conclusion required a sustained and coordinated effort. We are pleased to have helped Nigeria bring this long-running matter to resolution.'
Alongside Timi, our team also included Partner Thomas Karalis and Associate Isha Wurie.
Timi
Balogun
Partner, Head of Africa Desk
Meet Timi
