President Bola Tinubu has overseen a settlement to a long-running dispute over Nigeria’s Oil Prospecting Licence (OPL) 245, potentially unlocking a major deepwater oil project amid efforts to revive the country’s energy sector.
Special Adviser on Information and Strategy Bayo Onanuga in a statement Thursday said the agreement, signed in Abuja on Wednesday, involves the Federal Government, Italy’s Eni and its subsidiary Nigerian Agip Exploration Limited (NAEL).
NewsQuest reports that the development ends more than 15 years of legal wrangling over the block, one of the country’s most promising deepwater assets, and clears the way for a final investment decision on the Zabazaba-Etan development.
Onanuga said a meeting was held in President Tinubu’s office at the Presidential Villa, and attended by the Chief Executive Officer of Eni, Claudio Descalzi, Chief Operating Officer of Eni Guido Brusco, Head of Sub-Saharan Region, Mario Bello, Managing Director of Nigerian Agip Exploration, Fabrizio Bolondi and Special Adviser to the President on Energy, Olu Verheijen.
“The agreement brought to a close the long-standing dispute over Oil Prospecting Licence (OPL) 245, paving the way for the development of one of Nigeria’s most significant deepwater resources.
“The agreement, signed in Abuja, marks the resolution of a dispute spanning more than 15 years and restores clarity and stability to an asset widely recognised as one of Nigeria’s most commercially promising deepwater blocks,” the statement noted.
The presidential spokesman said that with the dispute now settled, the pathway is clear for Final Investment Decision on the Zabazaba–Etan development, a project capable of adding approximately 150,000 barrels per day to Nigeria’s production capacity and strengthening the country’s long-term energy outlook.
“President Bola Ahmed Tinubu described the agreement as a strategic milestone in Nigeria’s economic reform agenda, reaffirming the administration’s commitment to resolving legacy disputes, restoring investor confidence, and ensuring that Nigeria’s natural resources deliver sustainable value to the Nigerian people.
“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 statement quoted President Tinubu.
“The settlement also represents a significant improvement on the 2011 Resolution Agreement, reflecting the policy framework established under the Petroleum Industry Act (PIA) and the administration’s broader fiscal and governance reforms in the energy sector”, Olu Arowolo-Verheijen, Presidential adviser on energy said.
“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”, Arowolo-Verheijen added.
The agreement is part of a wider programme of reforms undertaken 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 already contributed to renewed investor interest and significant capital inflows into Nigeria’s oil and gas sector.
“By resolving the OPL 245 dispute, the Federal Government has removed one of the most prominent legacy risks in Nigeria’s upstream sector and reinforced its commitment to predictable regulation, transparent governance, and commercially viable investment frameworks”, Arowolo-Verjeihen further said.
President Tinubu commended all institutions and stakeholders who contributed to achieving the settlement, including the Office of the Attorney General of the Federation, the Ministry of Petroleum Resources, the Special Adviser to the President on Energy, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), NNPC Limited, and the leadership of ENI.
The successful resolution underscores the Tinubu Administration’s determination to unlock Nigeria’s strategic energy assets, attract responsible investment, and ensure that the nation’s resources translate into growth, jobs, and long-term prosperity for Nigerians.
