Tinubu announces OPL 245 resolution, paves way for deepwater investment

Nigeria’s President Bola Tinubu on Thursday announced the successful resolution of the long-standing dispute over Oil Prospecting Licence (OPL 245), marking a major milestone for Nigeria’s deepwater oil sector.

The historic settlement, according to a statement by Bayo Onanuga, Presidential Spokesperson, was reached between the Federal Government, Eni, and Nigerian Agip Exploration Limited (NAEL), and  was formalised at a meeting in the Presidential Villa, Abuja.

Key executives from Eni, including Chief Executive Officer Claudio Descalzi, Chief Operating Officer Guido Brusco, and Head of Sub-Saharan Region Mario Bello, as well as NAEL Managing Director Fabrizio Bolondi and Presidential Special Adviser on Energy Olu Arowolo-Verheijen, attended the meeting.

The settlement brings to an end a dispute that has lasted over 15 years, restoring clarity and stability to one of Nigeria’s most commercially promising deepwater assets. With the disagreement resolved, the pathway is clear for the Final Investment Decision on the Zabazaba–Etan development, a project capable of adding approximately 150,000 barrels per day to Nigeria’s crude oil production capacity and bolstering the country’s long-term energy outlook.

Describing the settlement as a strategic milestone, President Tinubu said it demonstrates his administration’s commitment to resolving legacy disputes, boosting investor confidence, and ensuring that the nation’s natural resources deliver sustainable value to Nigerians. “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,” he said.

Olu Arowolo-Verheijen noted that the agreement represents an improvement on the 2011 Resolution Agreement and aligns with the Petroleum Industry Act (PIA) and broader fiscal and governance reforms in the energy sector. “The revised terms provide clarity and predictability for investors while safeguarding the interests of the Federation,” he said.

The settlement forms part of wider reforms initiated since 2023 to restore Nigeria’s competitiveness in global energy markets, attracting renewed investor interest and capital inflows into the country’s oil and gas sector. President Tinubu also commended the contributions of the Attorney General’s Office, Ministry of Petroleum Resources, NUPRC, NNPC Limited, and Eni’s leadership in achieving the resolution.