By Olakunle Oke
President Bola Ahmed Tinubu has announced the successful resolution of the long-running dispute over Oil Prospecting Licence (OPL) 245, paving the way for significant new investment in Nigeria’s deepwater oil sector.
The agreement, reached between the Federal Government of Nigeria, Eni and Nigerian Agip Exploration Limited (NAEL), was unveiled during a meeting at the Presidential Villa in Abuja attended by Eni’s Chief Executive Officer, Claudio Descalzi; Chief Operating Officer, Guido Brusco; Head of Sub-Saharan Africa Region, Mario Bello; Managing Director of NAEL, Fabrizio Bolondi; and the President’s Special Adviser on Energy, Olu Arowolo-Verheijen.
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The settlement brings to an end a dispute that has lasted more than 15 years and restores regulatory clarity to OPL 245, widely regarded as one of Nigeria’s most commercially promising deepwater oil blocks.
According to the Presidency, the resolution clears the way for a Final Investment Decision on the Zabazaba–Etan deepwater development project, which is expected to add about 150,000 barrels per day to Nigeria’s crude oil production capacity and strengthen the country’s long-term energy outlook.
Tinubu described the agreement as a strategic milestone in his administration’s economic reform agenda, noting that the settlement demonstrates Nigeria’s commitment to resolving legacy disputes, strengthening investor confidence and ensuring that the country’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 explained that the new settlement represents an improvement on the 2011 resolution agreement and aligns with the policy framework established under the Petroleum Industry Act as well as the administration’s broader fiscal and governance reforms in the energy sector.
He noted that the revised terms provide investors with greater clarity and predictability required for major deepwater investments while also ensuring stronger value and safeguards for the federation.
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The settlement forms part of wider reforms introduced since 2023 to improve Nigeria’s competitiveness in global energy markets. These reforms, supported by the Petroleum Industry Act and targeted executive actions, have contributed to renewed investor interest and fresh capital inflows into the country’s oil and gas sector.
Arowolo-Verheijen 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, transparent governance and commercially viable investment frameworks.
Tinubu 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.
The Presidency said the resolution underscores the administration’s determination to unlock Nigeria’s strategic energy assets, attract responsible investment and ensure that the nation’s resources translate into economic growth, job creation and long-term prosperity for Nigerians.
