President Bola Ahmed Tinubu has announced the settlement of the long running dispute over Oil Prospecting Licence 245, clearing the way for new investment in one of Nigeria’s major deepwater oil assets.
The 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. Present at the meeting were ENI 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 Verheijen.
According to the Presidency, the settlement ends a dispute that lasted for more than 15 years and restores certainty to the OPL 245 block, which is considered one of Nigeria’s most commercially promising deepwater assets.
The agreement, signed in Abuja, now opens the way for a Final Investment Decision on the Zabazaba Etan oil development project. The project is expected to add about 150,000 barrels per day to Nigeria’s oil production capacity when fully developed.
President Tinubu described the agreement as an important step for Nigeria’s economic direction, noting that the administration remains focused on resolving long standing disputes and improving confidence among international investors.
“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.
The President’s Special Adviser on Energy, Olu Verheijen, said the agreement represents an improvement on the earlier resolution arrangement reached in 2011. She explained that the new terms reflect the legal and regulatory structure created under the Petroleum Industry Act.
According to her, the updated arrangement provides clarity for investors while also protecting the interests of the Nigerian government.
She added that resolving the dispute removes a major risk that had affected Nigeria’s upstream oil sector for many years.
The Presidency stated that the settlement forms part of a wider set of changes introduced since 2023 to improve Nigeria’s position in global energy markets. These measures, supported by provisions of the Petroleum Industry Act and other government actions, have attracted renewed investor interest in the country’s oil and gas sector.
President Tinubu commended the institutions and officials who contributed to the agreement, including the Office of the Attorney General of the Federation, the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, NNPC Limited, and officials from ENI.
The government said the resolution of the OPL 245 dispute is expected to support new investment in Nigeria’s energy sector and allow the country to make better use of its oil resources.
