President Bola Ahmed Tinubu has announced the successful resolution of the long-running dispute over Oil Prospecting Licence 245 (OPL 245), describing the agreement as a landmark step toward boosting investment in Nigeria’s oil and gas sector.
The settlement agreement was reached between the Federal Government of Nigeria, Italian energy company Eni, and Nigerian Agip Exploration Limited (NAEL), bringing to an end a dispute that has persisted for more than 15 years.
The announcement was made at a meeting in the President’s office attended by Eni’s Chief Executive Officer, Claudio Descalzi; Chief Operating Officer, Guido Brusco; Head of Sub-Saharan Region, Mario Bello; Managing Director of Nigerian Agip Exploration, Fabrizio Bolondi; and the President’s Special Adviser on Energy, Olu Arowolo-Verheijen.
The agreement, signed in Abuja, restores regulatory clarity to OPL 245; one of Nigeria’s most commercially promising deepwater oil blocks. It also paves the way for a Final Investment Decision on the Zabazaba–Etan project, which could add about 150,000 barrels per day to Nigeria’s crude oil production capacity.
President Tinubu described the settlement as a strategic milestone in the government’s broader economic reform agenda aimed at restoring investor confidence and unlocking the country’s energy potential.
“This resolution sends a clear signal to global investors that Nigeria is prepared to address legacy issues transparently, uphold the rule of law, and create a stable environment for long-term capital,” the President said.
Energy adviser Arowolo-Verheijen noted that the new settlement improves on the 2011 resolution agreement and aligns with reforms introduced under the Petroleum Industry Act (PIA).
According to her, the revised framework offers investors greater clarity and predictability while ensuring stronger value for the federation and additional safeguards for Nigeria’s interests.
Analysts say the resolution of the OPL 245 dispute removes one of the most prominent legal and regulatory risks that has long hindered investment in Nigeria’s upstream oil sector.
The government said the agreement forms part of wider reforms implemented since 2023 to strengthen Nigeria’s competitiveness in global energy markets.
These measures, anchored on the Petroleum Industry Act and supported by executive policy actions, have begun to attract renewed investor interest and capital inflows into the oil and gas industry.
President Tinubu commended the institutions that played key roles in reaching the settlement, including the Office of the Attorney-General of the Federation, the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, and NNPC Limited.
The administration said the resolution demonstrates its determination to unlock Nigeria’s strategic energy assets, attract responsible investment, and translate the nation’s natural resources into growth, jobs, and long-term prosperity for Nigerians.
The OPL 245 block, widely regarded as one of Nigeria’s most valuable offshore oil assets, has been the subject of international legal battles and regulatory disputes for over a decade, making the settlement a significant development for the country’s energy sector.
