President Bola Tinubu presided over the resolution of the long-running dispute over Oil Prospecting Licence 245 (OPL 245) following a settlement reached between the Federal Government of Nigeria, Eni, and Nigerian Agip Exploration Limited.
The agreement was concluded during a closed-door meeting at the State House in Abuja, bringing an end to a dispute that had persisted for more than 15 years.
According to a statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the meeting held on Thursday was attended by the Chief Executive Officer of Eni, Claudio Descalzi; the company’s Chief Operating Officer, Guido Brusco; Head of Sub-Saharan Region, Mario Bello; Managing Director of Nigerian Agip Exploration, Fabrizio Bolondi; and the President’s Special Adviser on Energy, Olu Verheijen.
The resolution paves the way for the development of one of Nigeria’s most commercially attractive deepwater oil blocks.
With the dispute now settled, the government said the stage has been set for a Final Investment Decision on the Zabazaba–Etan deepwater project.
The project is expected to boost Nigeria’s crude oil output by about 150,000 barrels per day, strengthening the country’s long-term energy outlook.
President Tinubu described the agreement as a major milestone in the administration’s economic reform agenda and a significant step toward rebuilding investor confidence in Nigeria’s energy sector.
“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 said.
He also commended the institutions and stakeholders that played roles 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, NNPC Limited, and the leadership of Eni.
Tinubu noted that the agreement underscores the administration’s determination to unlock Nigeria’s strategic energy resources and ensure that the country’s natural assets generate sustainable value for citizens.
Also commenting on the development, Verheijen said the settlement represents a major improvement on the earlier 2011 resolution.
She explained that the updated terms align with the policy framework introduced under the Petroleum Industry Act and the administration’s wider fiscal and governance reforms in the energy sector.
According to her, the agreement delivers a balanced outcome by providing investors with greater clarity and predictability while ensuring stronger value for the federation.
Verheijen added that resolving the OPL 245 dispute removes one of the most significant legacy risks in Nigeria’s upstream oil industry and reinforces the government’s commitment to transparent regulation and commercially viable investment frameworks.
The settlement forms part of broader reforms introduced since 2023 aimed at improving Nigeria’s competitiveness in global energy markets and attracting new investment into the oil and gas sector.
