The long-running dispute over Oil Prospecting Licence (OPL) 245 has been resolved following a settlement facilitated by Bola Ahmed Tinubu, a development expected to unlock significant deepwater investment and boost Nigeria's crude oil output. The agreement, reached between the Federal Government and Eni alongside its subsidiary Nigerian Agip Exploration Limited (NAEL), was finalised during a meeting presided over by the President at the Presidential Villa in Abuja.
The meeting was 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.
According to a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the agreement brings to an end a 15-year dispute over the ownership and development rights to the highly valued offshore oil block.
The resolution restores clarity and stability to OPL 245, widely regarded as one of Nigeria’s most commercially promising deepwater assets. The settlement is expected to pave the way for renewed investment in the block.
With the dispute resolved, the parties are now expected to move toward a Final Investment Decision on the Zabazaba-Etan development project, a major offshore initiative tied to the oil block.
When operational, the project could add about 150,000 barrels per day to Nigeria’s production capacity. The country currently produces between 1.68 million and 1.71 million barrels per day, while the administration has set a target of at least two million barrels per day.
President Tinubu described the agreement as a key milestone in the administration’s economic reform programme aimed at strengthening investor confidence in the energy sector.
“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.
He added that the settlement reinforces the government’s determination to ensure Nigeria’s natural resources generate sustainable value for the country and its citizens.
Providing further details, Arowolo-Verheijen said the agreement represents a significant improvement on the earlier 2011 resolution framework and reflects regulatory and fiscal reforms introduced under the Petroleum Industry Act.
“The settlement also represents a significant improvement on the 2011 Resolution Agreement, reflecting the policy framework established under the Petroleum Industry Act and the administration’s broader fiscal and governance reforms in the energy sector,” Arowolo-Verheijen said.
She noted that the revised arrangement balances investor clarity with stronger safeguards and value for the Nigerian federation. “By resolving the OPL 245 dispute, the Federal Government has removed one of the most prominent legacy risks in Nigeria’s upstream sector. It reinforced its commitment to predictable regulation, transparent governance, and commercially viable investment frameworks,” she said.
