President Bola Tinubu has announced the successful resolution of the long-standing dispute over Oil Prospecting Licence (OPL) 245, describing it as a historic milestone that unlocks significant deepwater investment and strengthens Nigeria’s energy outlook.
The President disclosed this following the conclusion of a settlement agreement between the Federal Government of Nigeria, , and Nigerian Agip Exploration Limited (NAEL). The announcement was made at a meeting in his 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 brings to a close a dispute that has spanned more than 15 years, restoring clarity and stability to one of Nigeria’s most commercially promising deepwater oil blocks.
With the dispute now settled, the Federal Government said the pathway is clear for a Final Investment Decision on the Zabazaba–Etan deepwater development. The project is projected to add approximately 150,000 barrels per day to Nigeria’s production capacity, boosting output and reinforcing the country’s long-term energy security.
President Tinubu described the resolution as a strategic milestone within his administration’s broader economic reform agenda, emphasizing the government’s commitment to resolving legacy disputes, restoring investor confidence, and ensuring that Nigeria’s natural resources deliver sustainable value to citizens.
According to him, the agreement sends a strong signal to global investors that Nigeria is prepared to address legacy issues transparently, uphold the rule of law, and provide a stable environment for long-term capital investment.
Arowolo-Verheijen noted that the settlement represents a significant improvement on the 2011 Resolution Agreement and aligns with the policy framework established under the Petroleum Industry Act (PIA) and ongoing fiscal and governance reforms in the energy sector. He said the revised terms balance investor clarity and predictability with stronger value protection and safeguards for the Federation.
The resolution forms part of wider reforms undertaken since 2023 to reposition Nigeria as a competitive destination in global energy markets. Government officials said the reforms, anchored on the Petroleum Industry Act and supported by targeted executive actions, have already stimulated renewed investor interest and increased capital inflows into the oil and gas sector.
By resolving the OPL 245 dispute, the Federal Government said it has eliminated one of the most prominent legacy risks in Nigeria’s upstream petroleum sector and reinforced its commitment to predictable regulation, transparent governance, and commercially viable investment frameworks.
President Tinubu commended the Office of the Attorney General of the Federation, the Ministry of Petroleum Resources, the Special Adviser to the President on Energy, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), NNPC Limited, and the leadership of Eni for their roles in achieving the settlement.
The administration said the successful resolution underscores its determination to unlock Nigeria’s strategic energy assets, attract responsible investment, and translate the nation’s resource wealth into growth, employment, and long-term prosperity.