Abuja, Nigeria – President Bola Tinubu has announced the successful conclusion of a historic settlement agreement between the Federal Government of Nigeria, ENI, and Nigerian Agip Exploration Limited over the long-standing dispute concerning Oil Prospecting Licence 245. The agreement, signed in Abuja, brings to a close a controversy spanning more than 15 years and restores clarity to one of Nigeria’s most commercially promising deepwater blocks.
Okay News reports that the resolution paves the way for a Final Investment Decision on the Zabazaba–Etan development, a project capable of adding approximately 150,000 barrels per day to Nigeria’s production capacity. President 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 natural resources deliver sustainable value to Nigerians.
The agreement represents a significant improvement on the 2011 Resolution Agreement, reflecting the policy framework established under the Petroleum Industry Act and the administration’s broader fiscal and governance reforms in the energy sector. Presidential Adviser on Energy Olu Arowolo-Verheijen stated that the revised terms strike a balanced outcome, providing investors with clarity and predictability required to proceed with major deepwater investments while ensuring stronger value accretion and safeguards for the Federation.
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 and transparent governance. The settlement is part of a wider programme of reforms undertaken since 2023 to restore Nigeria’s competitiveness in global energy markets, which have already contributed to renewed investor interest and significant capital inflows. This deepwater investment resolution signals Nigeria’s readiness to unlock strategic energy assets and attract responsible long-term capital.
