President Bola Ahmed Tinubu has announced the resolution of the long-running dispute over Oil Prospecting Licence (OPL) 245, describing the agreement as a major step toward unlocking significant deepwater investment in Nigeria’s oil and gas sector.
The settlement, reached between the Federal Government, Eni and Nigerian Agip Exploration Limited (NAEL), brings to a close a legal and commercial dispute that has lasted for more than 15 years.
The President made the announcement during a meeting at the State House attended by Eni’s Chief Executive Officer, Claudio Descalzi; Chief Operating Officer, Guido Brusco; Head of Sub-Saharan Region, Mario Bello; Managing Director of NAEL, Fabrizio Bolondi; and the President’s Special Adviser on Energy, Olu Arowolo-Verheijen.
The agreement, signed in Abuja, restores regulatory clarity to OPL 245, widely regarded as one of Nigeria’s most commercially promising deepwater oil blocks.
With the dispute settled, authorities say the path is now open for a Final Investment Decision on the Zabazaba–Etan deepwater project, which is projected to add about 150,000 barrels per day to Nigeria’s oil production capacity and strengthen the country’s long-term energy outlook.
Tinubu described the settlement as a strategic milestone in his administration’s economic reform agenda, aimed at resolving legacy disputes, restoring investor confidence and ensuring that Nigeria’s natural resources generate sustainable value for citizens.
“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.
Arowolo-Verheijen noted that the new settlement significantly improves on the 2011 resolution agreement and aligns with the framework of the Petroleum Industry Act.
According to him, the revised terms balance investor certainty with stronger safeguards for the federation while creating the conditions needed for major deepwater investments.
He added that resolving the OPL 245 dispute removes one of the most prominent legacy risks in Nigeria’s upstream sector and reinforces the government’s commitment to predictable regulation and transparent governance.
The agreement forms part of a broader reform programme implemented since 2023 to restore Nigeria’s competitiveness in global energy markets. The reforms, anchored on the Petroleum Industry Act and supported by executive actions, have helped stimulate renewed investor interest and capital inflows into the oil and gas industry.
Tinubu also commended institutions and stakeholders 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 resolution reflects the administration’s determination to unlock strategic energy assets, attract responsible investment and ensure that Nigeria’s natural resources translate into economic growth, employment and long-term prosperity.
