Abuja, Nigeria – President Bola Ahmed Tinubu has announced the successful conclusion of a settlement agreement between the Federal Government of Nigeria, Eni, and Nigerian Agip Exploration Limited (NAEL), formally resolving the long-running dispute over Oil Prospecting Licence (OPL) 245.
The announcement was made during a meeting at the Presidential Villa attended by Eni’s Chief Executive Officer, Claudio Descalzi, alongside other senior executives and the President’s Special Adviser on Energy, Olu Arowolo-Verheijen.
The agreement brings to a close a dispute that has spanned more than 15 years, restoring legal and commercial clarity to one of Nigeria’s most commercially significant deepwater assets. OPL 245 has long been regarded as one of the country’s most promising offshore oil blocks.
With the dispute resolved, the government said the pathway is now open for a Final Investment Decision on the Zabazaba–Etan deepwater development project. The project is projected to add approximately 150,000 barrels per day to Nigeria’s oil production capacity, strengthening the country’s long-term energy outlook.
President Tinubu described the settlement as a strategic milestone in his administration’s economic reform agenda, saying it demonstrates Nigeria’s willingness to resolve legacy issues transparently and strengthen investor confidence.
“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 stated.
Olu Arowolo-Verheijen noted that the revised settlement terms improve on the 2011 agreement and reflect reforms introduced under the Petroleum Industry Act (PIA). He said the framework balances investor certainty with stronger value protection for the federation.
The presidency said the resolution forms part of broader energy sector reforms launched since 2023 to enhance regulatory predictability, improve governance standards, and attract long-term capital into Nigeria’s upstream oil and gas industry.
President Tinubu commended the Office of the Attorney General of the Federation, the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, Nigerian National Petroleum Company Limited, and other stakeholders for their roles in finalising the agreement.
The State House said the settlement removes one of the most prominent legacy risks in Nigeria’s upstream sector and reinforces the administration’s commitment to unlocking strategic energy assets for economic growth and national development.
