President Bola Tinubu has successfully overseen the resolution of the long-standing OPL 245 dispute, signing a settlement with ENI and Nigerian Agip Exploration Limited (NAEL) that paves the way for significant deepwater oil investments.
The agreement, finalised on Thursday in the President’s office, ends a 15-year legal battle over OPL 245, one of Nigeria’s most promising deepwater oil blocks.
The signing ceremony was attended by ENI CEO Claudio Descalzi, Chief Operating Officer Guido Brusco, Head of Sub-Saharan Region Mario Bello, NAEL Managing Director Fabrizio Bolondi, and the President’s Special Adviser on Energy, Olu Verheijen.
The breakthrough enables the Final Investment Decision on the Zabazaba–Etan project, which is expected to contribute about 150,000 barrels of oil per day to Nigeria’s production and strengthen the country’s energy security.
President Tinubu described the settlement as a “strategic milestone” in his economic reform drive.
“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,” he said.
The revised terms improve upon the 2011 agreement, aligning with the Petroleum Industry Act (PIA) and the administration’s fiscal reforms, according to Verheijen.
“They strike a balanced outcome, providing investors clarity while ensuring stronger value for the Federation,” he added.
The settlement is part of broader reforms initiated since 2023, aimed at removing upstream risks and attracting fresh capital into Nigeria’s oil sector amid renewed global interest.
President Tinubu acknowledged the contributions of several agencies and individuals in achieving the resolution, including the Attorney General’s Office, Ministry of Petroleum Resources, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), NNPC Limited, and ENI’s leadership.
The move highlights the administration’s commitment to unlocking energy assets to drive jobs, economic growth, and national prosperity.
