Tinubu Oversees Resolution of OPL 245 Dispute, Paves Way for Major Deepwater Investment
President Bola Tinubu has announced the successful settlement of the long-running dispute over Oil Prospecting Licence (OPL) 245 between the Federal Government of Nigeria, Eni, and Nigerian Agip Exploration Limited (NAEL).
The agreement was finalised during a meeting at the Presidential Villa, Abuja, attended by Eni’s 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.
The settlement brings an end to a dispute that has lasted more than 15 years and clears the path for the development of one of Nigeria’s most valuable deepwater oil assets.
Signed in Abuja, the agreement restores stability and certainty to OPL 245, widely regarded as one of the country’s most commercially promising offshore oil blocks.
With the dispute now resolved, attention shifts to the anticipated Final Investment Decision on the Zabazaba–Etan deepwater project. The development is expected to add about 150,000 barrels of oil per day to Nigeria’s production capacity and strengthen the country’s long-term energy prospects.
President Tinubu described the agreement as a major milestone in the government’s economic reform drive, stressing that his administration is committed to resolving longstanding disputes, rebuilding investor confidence, and ensuring that Nigeria’s natural resources generate sustainable benefits for citizens.
According to the President, the settlement sends a strong message to international investors that Nigeria is ready to address legacy challenges transparently, uphold the rule of law, and provide a stable environment for long-term investments.
Olu Verheijen, Special Adviser to the President on Energy, noted that the new agreement significantly improves on the 2011 Resolution Agreement and aligns with the framework established under the Petroleum Industry Act (PIA) as well as broader fiscal and governance reforms in the energy sector.
She explained that the revised terms offer investors the clarity and predictability required to proceed with major deepwater investments while also safeguarding national interests and delivering stronger value for the federation.
The settlement forms part of wider reforms initiated since 2023 to enhance Nigeria’s competitiveness in global energy markets. These reforms, anchored on the Petroleum Industry Act and supported by targeted executive measures, have already helped attract renewed investor interest and increased capital inflows into the oil and gas sector.
Verheijen added that resolving the OPL 245 dispute removes one of the most prominent legacy risks in Nigeria’s upstream industry and reinforces the government’s commitment to transparent governance, predictable regulation, and commercially viable investment frameworks.
President Tinubu also commended the 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 (NUPRC), NNPC Limited, and the leadership of Eni.
The resolution, the presidency said, reflects the administration’s determination to unlock Nigeria’s strategic energy assets, attract responsible investment, and ensure that the country’s resources translate into economic growth, job creation, and long-term prosperity for Nigerians.
