- Tinubu Ends Longstanding OPL 245 Dispute
- Paves Way for Zabazaba Deepwater Project
- Targets 150,000 bpd Output Boost
President Bola Ahmed Tinubu on Thursday announced the resolution of the long-standing dispute surrounding Oil Prospecting Licence (OPL) 245, a development expected to unlock one of Nigeria’s most commercially valuable deepwater oil assets.
Eko Hot Blog reports that the breakthrough followed the signing of a settlement agreement between the Federal Government of Nigeria and Eni, alongside its subsidiary Nigerian Agip Exploration Limited (NAEL), during a meeting held at the Presidential Villa.
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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 President’s Special Adviser on Energy, Olu Verheijen.
The agreement effectively ends more than 15 years of legal and commercial disputes over the oil block, widely regarded as one of Nigeria’s most promising deepwater prospects.
With the settlement concluded, attention is expected to shift to the Final Investment Decision (FID) for the Zabazaba and Etan deepwater development project. The project is projected to add about 150,000 barrels per day to Nigeria’s crude oil production capacity.
President Tinubu described the settlement as a significant step in his administration’s efforts to resolve legacy disputes, restore investor confidence and unlock Nigeria’s energy potential.
According to him, the agreement sends a strong signal to global investors that Nigeria is committed to resolving long-standing issues transparently while maintaining a stable and predictable investment climate.
Speaking on the development, Verheijen noted that the settlement represents an improvement over the 2011 resolution framework and aligns with the regulatory structure established under the Petroleum Industry Act.
She explained that the revised terms provide clarity and predictability for investors while ensuring stronger value and safeguards for the Nigerian federation.
The resolution is part of broader reforms introduced since 2023 to enhance Nigeria’s competitiveness in global energy markets. These reforms, anchored on the Petroleum Industry Act and supported by policy initiatives, have begun attracting renewed investor interest in the country’s oil and gas sector.
The President commended 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 and NNPC Limited.
Tinubu said the resolution reflects the government’s commitment to unlocking Nigeria’s strategic energy assets, attracting responsible investment and ensuring that the country’s natural resources translate into economic growth, job creation and long-term prosperity.
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