President Bola Tinubu has announced the successful resolution of the long-standing dispute over Oil Prospecting Licence (OPL) 245, following a settlement agreement between the Federal Government of Nigeria, Eni, and Nigerian Agip Exploration Limited (NAEL).
The announcement was made during a meeting at the Presidential Villa attended by Eni’s Chief Executive Officer Claudio Descalzi, Chief Operating Officer Guido Brusco, Head of the Sub-Saharan Region Mario Bello, Managing Director of NAEL Fabrizio Bolondi, and the President’s Special Adviser on Energy, Olu Arowolo-Verheijen.
The agreement, signed in Abuja, brings an end to a dispute that has lasted for more than 15 years and restores certainty to one of Nigeria’s most commercially promising deepwater oil assets.
With the dispute resolved, the Zabazaba–Etan deepwater development project can now move toward a Final Investment Decision, potentially adding about 150,000 barrels of oil per day to Nigeria’s production capacity and strengthening the country’s long-term energy prospects.
President Tinubu described the settlement as a key milestone in the government’s economic reform agenda, emphasizing his administration’s commitment to resolving legacy disputes, strengthening investor confidence, and ensuring that Nigeria’s natural resources generate sustainable value for its citizens.
“This resolution sends a clear message to global investors that Nigeria is ready to address longstanding issues transparently, uphold the rule of law, and provide a stable environment for long-term investment,” the President said.
According to the President’s Special Adviser on Energy, Olu Arowolo-Verheijen, the new agreement improves on the 2011 Resolution Agreement and aligns with the policy framework established under the Petroleum Industry Act (PIA)and the administration’s wider reforms in the energy sector.
He noted that the revised terms balance investor certainty with stronger safeguards and value for the Nigerian federation, while creating the clarity needed to proceed with major deepwater investments.
The settlement forms part of broader reforms introduced since 2023 to enhance Nigeria’s competitiveness in the global energy market. These reforms, anchored in the PIA and supported by executive actions, have helped attract renewed investor interest and increased capital inflows into the oil and gas sector.
By resolving the OPL 245 dispute, the Federal Government has removed one of the most significant legacy challenges in Nigeria’s upstream sector, reinforcing its commitment to transparent governance, predictable regulation, and sustainable investment frameworks.
President Tinubu also commended the institutions involved in reaching 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 Eni.
The agreement, he said, reflects the administration’s determination to unlock Nigeria’s strategic energy resources, attract responsible investment, and translate the nation’s natural wealth into economic growth, job creation, and long-term prosperity.
