President Bola Ahmed Tinubu has announced the successful resolution of the long-standing dispute surrounding Oil Prospecting Licence (OPL) 245, a development expected to unlock significant investment in Nigeria’s deepwater oil sector.
The historic agreement was reached between the Federal Government of Nigeria, Eni, and Nigerian Agip Exploration Limited (NAEL), bringing an end to a legal and commercial dispute that had persisted for more than 15 years.
The announcement was made during a meeting at the Presidential Office in Abuja attended by senior executives of the Italian energy giant. Those present included Eni Chief Executive Officer Claudio Descalzi, Chief Operating Officer Guido Brusco, Head of the Sub-Saharan Region Mario Bello, and Managing Director of Nigerian Agip Exploration Fabrizio Bolondi. Also in attendance was the Special Adviser to the President on Energy, Olu Arowolo-Verheijen.
The agreement, signed in Abuja, resolves uncertainties surrounding OPL 245, widely regarded as one of Nigeria’s most valuable deepwater oil assets. With the dispute now settled, stakeholders say the development restores investor confidence and provides the regulatory clarity needed for long-term investment in the country’s energy sector.
A major outcome of the settlement is the expected Final Investment Decision (FID) on the Zabazaba–Etan deepwater project, which has the potential to significantly boost Nigeria’s crude oil production. The project is projected to add about 150,000 barrels per day to the country’s output, strengthening Nigeria’s energy capacity and long-term revenue prospects.
President Tinubu described the settlement as a key milestone in his administration’s economic and energy sector reforms. According to him, resolving legacy disputes is essential for improving Nigeria’s business environment and restoring global investor confidence.
He noted that the resolution sends a strong signal to international investors that Nigeria is committed to transparency, adherence to the rule of law, and the creation of a stable climate for large-scale capital investment.
Energy adviser Olu Arowolo-Verheijen also explained that the new settlement improves on the earlier 2011 Resolution Agreement, aligning it with the policy direction established under the Petroleum Industry Act (PIA). He added that the revised terms provide investors with the certainty required for major deepwater projects while ensuring stronger benefits and protections for Nigeria.
The agreement forms part of broader reforms initiated since 2023 to strengthen Nigeria’s competitiveness in global energy markets. These reforms, supported by the Petroleum Industry Act and executive policy actions, have already begun attracting renewed investor interest and capital inflows into the country’s oil and gas industry.
Officials say resolving the OPL 245 dispute removes one of the most significant long-standing risks in Nigeria’s upstream petroleum sector and reinforces the government’s commitment to transparent governance, predictable regulation, and sustainable investment frameworks.
President Tinubu commended the institutions and stakeholders involved in achieving the settlement. These include 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.
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The administration believes the resolution will help unlock Nigeria’s strategic energy assets, attract responsible investment, and ensure that the country’s natural resources generate economic growth, job creation, and long-term prosperity for Nigerians.