President Bola Ahmed Tinubu has announced the successful resolution of the long-standing OPL 245 dispute between the Federal Government of Nigeria, ENI, and Nigerian Agip Exploration Limited (NAEL), marking a major milestone for Nigeria’s oil and gas sector.
The development followed a high-level meeting at the Presidential Villa in Abuja attended by ENI Chief Executive Officer Claudio Descalzi, 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.
Dispute Resolved After Over 15 Years
The settlement brings an end to a dispute that lasted more than 15 years over Oil Prospecting Licence (OPL) 245, widely considered one of Nigeria’s most commercially valuable deepwater assets.
The agreement, signed in Abuja, restores regulatory clarity and stability around the oil block, removing a major obstacle that had delayed investment and development.
With the dispute resolved, the parties can now move toward a Final Investment Decision on the Zabazaba–Etan deepwater development project.
The project is expected to add about 150,000 barrels per day to Nigeria’s oil production capacity, significantly strengthening the country’s long-term energy outlook and boosting government revenues.
President Tinubu described the settlement as a strategic achievement within his administration’s economic reform agenda.
According to him, resolving the dispute sends a strong message to global investors about Nigeria’s commitment to transparency, legal certainty, and a stable investment climate.
“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.
Presidential Adviser on Energy, Olu Verheijen, noted that the settlement represents a significant improvement on the 2011 agreement and aligns with reforms introduced under the Petroleum Industry Act (PIA).
She said the revised framework offers investors the predictability required for large-scale deepwater investments while safeguarding national interests and ensuring stronger value for the federation.
The resolution of the dispute forms part of wider reforms introduced since 2023 to restore Nigeria’s competitiveness in global energy markets.
Government officials say these reforms – anchored on the Petroleum Industry Act and supported by targeted executive actions – have already contributed to renewed investor confidence and increased capital inflows into Nigeria’s oil and gas sector.
President Tinubu commended several institutions and stakeholders who contributed to resolving the dispute, 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’s leadership.
The federal government said the settlement underscores its commitment to unlocking Nigeria’s strategic energy assets, attracting responsible investment, and ensuring that the country’s natural resources translate into economic growth, jobs, and long-term prosperity.
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