Eni, Statoil Sign HoA for Resolution on Long-term Contract Row

Italy’s Eni moved closer to a settlement with Norway’s Statoil, signing a Heads of Agreement on the revision of the terms of its long-term gas supply contract.

‘The arbitration proceedings initiated by Eni are therefore suspended for 30 days, allowing the parties to complete a detailed agreement in the context of a constructive effort to address a changing European gas market,’ reads a note released on Thursday.

The target of the six-legged dog is to achieve ‘a competitive portfolio by January 1st, 2016.’

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