PetroNor E&P has agreed with Senegal to suspend a long-running arbitration case before the International Court for the Settlement of Investment Disputes (ICSID) in defence of its title to prized deep-water acreage.

A formal request has been lodged with ICSID in Paris to halt arbitration for a period of six months “with a view to reaching a satisfactory outcome,” according to a statement issued on Tuesday by PetroNor.

The protracted arbitration procedure has proved a thorn in the side of President Macky Sall's energy administration, hampering efforts to restore industry confidence as the country pursues its first ever formal offshore licensing exercise.