Eni Signs Final Settlement with Statoil on Long-term Gas Supply Contracts

Italy’s Eni signed a final agreement with Norway’s Statoil on revision of terms in long-term gas supply contracts, putting an end to the arbitration proceedings previously initiated by the six-legged dog. 

‘The agreement with Statoil, which is particularly important considering recent international political developments, is part of Eni’s effort to renegotiate all third-party long-term gas supply contracts, with the target of achieving a competitive portfolio by 1 January 2016,’ reads the note released late on Monday.

The final agreement follows the Heads of Agreement signed on 27 February 2014.

 Last November, Eni claimed Statoil overcharge for natural gas over the course of several years, demanding $10.1 billion compensation from the Norwegian company.