President Bola Ahmed Tinubu has confirmed the successful resolution of the long-standing dispute over Oil Prospecting Licence (OPL) 245, one of Nigeria’s largest offshore oil blocks. The settlement, reached between the Federal Government, ENI, and Nigerian Agip Exploration Limited (NAEL), is expected to unlock significant deepwater investment.
The announcement was made at a meeting in the State House attended by ENI’s CEO Claudio Descalzi, COO 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.
Signed in Abuja, the agreement ends a dispute that lasted over 15 years, restoring stability and clarity to an asset widely regarded as one of Nigeria’s most commercially promising deepwater blocks. The resolution paves the way for the Final Investment Decision on the Zabazaba–Etan project, which could add approximately 150,000 barrels per day to Nigeria’s production capacity.
President Tinubu described the agreement as a key milestone in Nigeria’s economic reform agenda, highlighting the administration’s commitment to resolving legacy disputes, restoring investor confidence, and ensuring sustainable value from the country’s natural resources.
“This resolution signals to global investors that Nigeria is ready to address legacy issues transparently, uphold the rule of law, and provide a stable environment for long-term investment,” the President said.
Olu Arowolo-Verheijen noted that the settlement improves upon the 2011 Resolution Agreement, aligns with the Petroleum Industry Act (PIA), and strengthens fiscal and governance reforms in the energy sector. He added that the terms provide investors with clarity and predictability, while ensuring strong value creation and safeguards for the Federation.
The settlement is part of broader reforms since 2023 to enhance Nigeria’s competitiveness in global energy markets, attract capital inflows, and renew investor interest in the oil and gas sector.
President Tinubu commended all institutions and stakeholders involved, including the Office of the Attorney General, Ministry of Petroleum Resources, NUPRC, NNPC Limited, and ENI, for their role in achieving the historic settlement.
The resolution of OPL 245 underscores the administration’s commitment to unlocking Nigeria’s strategic energy assets, fostering responsible investment, and ensuring the nation’s resources contribute to growth, jobs, and long-term prosperity.
