Tinubu announces OPL 245 settlement

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….Resolution Set to Unlock Major Deepwater Investment

President Bola Ahmed Tinubu has announced the resolution of the long-standing dispute over Oil Prospecting Licence (OPL) 245, following a settlement agreement between the Federal Government, Italian energy giant ENI, and Nigerian Agip Exploration Limited (NAEL).

The agreement, concluded in Abuja, ends a dispute that has lasted for more than 15 years and clears the path for the development of one of Nigeria’s most commercially promising deepwater oil blocks.

The announcement was made during a meeting at the Presidential Villa 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.

With the dispute resolved, the parties are now expected to move toward a Final Investment Decision on the Zabazaba–Etan deepwater project, which could add about 150,000 barrels per day to Nigeria’s oil production capacity.

President Tinubu described the agreement as a strategic milestone that reinforces Nigeria’s commitment to resolving legacy disputes and strengthening investor confidence in the country’s energy sector.

He said the settlement sends a clear message to global investors that Nigeria is ready to address long-standing issues transparently and maintain a stable environment for long-term investments.

According to the President’s energy adviser, Olu Arowolo-Verheijen, the new agreement improves on the earlier 2011 resolution framework and aligns with the policy direction of the Petroleum Industry Act (PIA) as well as the administration’s fiscal and governance reforms in the oil and gas sector.

He noted that the revised terms provide investors with greater clarity and predictability while also ensuring improved value and safeguards for the federation.

The Federal Government said the resolution forms part of broader reforms aimed at restoring Nigeria’s competitiveness in global energy markets and attracting fresh capital into the oil and gas sector.

President Tinubu also commended key institutions involved in the settlement process, including the Office of the Attorney-General of the Federation, the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), NNPC Limited, and ENI.

The government expressed optimism that resolving the dispute would unlock new investments, boost production capacity, and support long-term economic growth.