President Bola Ahmed Tinubu has announced the successful resolution of the long-running dispute over Oil Prospecting Licence (OPL) 245 following a settlement agreement between the Federal Government of Nigeria, Italian energy giant Eni, and Nigerian Agip Exploration Limited (NAEL).
The agreement, concluded at a meeting in the President’s office in Abuja on Thursday, effectively brings to an end a legal and commercial dispute that has spanned more than 15 years and clears the path for the development of one of Nigeria’s most commercially promising deepwater oil assets.
Present at the meeting were Eni Chief Executive Officer Claudio Descalzi, the company’s Chief Operating Officer Guido Brusco, Head of Sub-Saharan Region Mario Bello, Managing Director of Nigerian Agip Exploration Fabrizio Bolondi, and the Special Adviser to the President on Energy, Olu Verheijen.
The settlement restores regulatory clarity around the deepwater block and paves the way for a Final Investment Decision on the Zabazaba–Etan project, a major offshore development expected to add about 150,000 barrels per day to Nigeria’s crude oil production capacity.
President Tinubu described the agreement as a strategic milestone for Nigeria’s economic reform programme, noting that resolving long-standing legacy disputes is critical to rebuilding investor confidence and unlocking capital for 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.
The presidential adviser on energy, Olu Verheijen, said the settlement represents a significant improvement on the 2011 resolution agreement and aligns with the policy framework established under the Petroleum Industry Act (PIA).
According to her, the revised terms provide investors with the clarity and predictability required to proceed with major deepwater investments while ensuring stronger value safeguards for Nigeria.
“The revised terms strike a balanced outcome, providing investors with the clarity and predictability required to proceed with major deepwater investments, while ensuring stronger value accretion and safeguards for the Federation,” Verheijen said.
She noted that resolving the OPL 245 dispute removes one of the most prominent legacy risks in Nigeria’s upstream oil and gas sector and reinforces the government’s commitment to predictable regulation, transparent governance, and commercially viable investment frameworks.
The settlement forms part of broader reforms implemented since 2023 to restore Nigeria’s competitiveness in global energy markets. These reforms, anchored in the Petroleum Industry Act and supported by targeted executive actions, have helped attract renewed investor interest and capital inflows into the country’s oil and gas sector.
President 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 (NUPRC), NNPC Limited, and the leadership of Eni.
The administration said the resolution underscores its determination to unlock Nigeria’s strategic energy assets, attract responsible investment, and ensure that the country’s natural resources translate into growth, jobs, and long-term prosperity.
