President Bola Ahmed Tinubu has announced the successful resolution of the long-standing dispute over Oil Prospecting Licence (OPL) 245, clearing the path for major deepwater investment in Nigeria’s oil and gas sector.
The development was disclosed in a press release issued by the Presidency and made available to The News Chronicle on Thursday.
According to the statement, the historic settlement agreement was reached between the Federal Government of Nigeria, Eni, and Nigerian Agip Exploration Limited during a meeting held at the President’s office in Abuja.
The meeting was attended by the Chief Executive Officer of Eni, Claudio Descalzi, the company’s Chief Operating Officer, Guido Brusco, Head of Sub-Saharan Region Mario Bello, Managing Director of Nigerian Agip Exploration Fabrizio Bolondi, and the Special Adviser to the President on Energy, Olu Verheijen.
The agreement brings to an end a dispute that has lasted for more than 15 years over the highly valuable OPL 245 oil block. With the settlement now concluded, the Federal Government said the development of one of Nigeria’s most commercially promising deepwater assets can now proceed.
According to the statement, the settlement clears the way for a Final Investment Decision on the Zabazaba–Etan deepwater project, which is expected to add about 150,000 barrels of crude oil per day to Nigeria’s production capacity.
President Tinubu described the resolution as a major step in Nigeria’s economic reform efforts, noting that it demonstrates the administration’s commitment to resolving legacy disputes, restoring investor confidence, and ensuring that the country’s natural resources benefit Nigerians.
“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.
In the statement, Presidential Adviser on Energy, Verheijen, explained that the new settlement significantly improves on the 2011 resolution agreement and reflects the policy framework introduced under the Petroleum Industry Act.
She noted that the revised terms provide investors with the clarity and predictability required for large-scale deepwater investments while also ensuring stronger value and safeguards for the Nigerian federation.
The Presidency further stated that the resolution forms part of broader reforms undertaken since 2023 to strengthen Nigeria’s competitiveness in global energy markets. These reforms, supported by the Petroleum Industry Act and several executive measures, have already attracted renewed investor interest in the country’s oil and gas sector.
The statement added that resolving the OPL 245 dispute removes one of the most significant legacy risks in Nigeria’s upstream petroleum industry and reinforces the government’s commitment to predictable regulation and transparent governance.
President Tinubu also commended the various institutions involved in achieving the settlement, including the Office of the Attorney General of the Federation, the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, NNPC Limited, and the leadership of Eni.
According to the Presidency, the successful agreement underscores the administration’s determination to unlock Nigeria’s strategic energy resources, attract responsible investment, and ensure that the country’s natural wealth translates into economic growth, employment opportunities, and long-term prosperity for Nigerians.
