President Bola Tinubu has announced the successful conclusion of a landmark settlement between the Federal Government of Nigeria, ENI, and Nigerian Agip Exploration Limited, bringing an end to the long-standing OPL 245 dispute.
The announcement was made at a meeting on Thursday in the President’s office attended by ENI executives, including CEO Claudio Descalzi, COO Guido Brusco, and Head of Sub-Saharan Region Mario Bello, alongside NAEL Managing Director Fabrizio Bolondi and the President’s Special Adviser on Energy, Olu Arowolo-Verheijen.
According to a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the agreement, signed in Abuja, resolves a dispute that has lasted over 15 years and restores clarity and stability to one of Nigeria’s most commercially promising deepwater oil blocks.
The statement said the development now clears the way for the Final Investment Decision on the Zabazaba–Etan development, a project expected to add about 150,000 barrels per day to the country’s oil production.
“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,” President Tinubu said, describing the agreement as a strategic milestone in Nigeria’s economic reform agenda.
In her remarks, Arowolo-Verheijen said the settlement “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.”
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She added, “The revised terms strike a balanced outcome, providing investors with the clarity and predictability required to proceed with major deepwater investments while ensuring stronger value accretion and safeguards for the Federation.”
She added that the agreement is part of wider reforms since 2023 aimed at restoring Nigeria’s competitiveness in global energy markets, attracting investment, and strengthening regulatory predictability.
According to Arowolo-Verheijen, “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, transparent governance, and commercially viable investment frameworks.”
President Tinubu commended the institutions and stakeholders involved in achieving the settlement, including the Office of the Attorney General; the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, NNPC Limited, and the leadership of ENI.
“The resolution of OPL 245 underscores the administration’s determination to unlock Nigeria’s strategic energy assets, attract responsible investment, and ensure that the country’s resources deliver growth, jobs, and long-term prosperity,” the statement added.
Punch
