Tinubu Announces Settlement of Long-Standing OPL 245 Dispute with ENI
Tinubu Announces Settlement of Long-Standing OPL 245 Dispute with ENI
Tinubu Announces Settlement of Long-Standing OPL 245 Dispute with ENI
President Bola Ahmed Tinubu has announced the successful conclusion of a historic settlement agreement between the Federal Government of Nigeria, Eni, and Nigerian Agip Exploration Limited, bringing an end to the long-running dispute over Oil Prospecting Licence (OPL) 245.
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The agreement was revealed during a 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 Arowolo-Verheijen.
Signed in Abuja, the settlement resolves a dispute that has lasted for more than 15 years and restores clarity to one of Nigeria’s most commercially promising deepwater oil blocks.
With the matter now resolved, the path has been cleared for a Final Investment Decision on the Zabazaba–Etan development project, which is expected to add about 150,000 barrels per day to Nigeria’s oil production capacity and strengthen the country’s long-term energy outlook.
President Tinubu described the agreement as a major milestone in Nigeria’s economic reform agenda, noting that it demonstrates the government’s commitment to resolving legacy disputes and restoring investor confidence.
According to him, the settlement sends a strong signal to global investors that Nigeria is prepared to address outstanding issues transparently, uphold the rule of law, and create a stable environment for long-term investment.
The President’s Special Adviser on Energy, Olu Arowolo-Verheijen, explained that the new agreement significantly improves on the 2011 resolution framework and aligns with the policy structure introduced under the Petroleum Industry Act.
He added that the revised terms provide investors with greater clarity and predictability while ensuring stronger value for the federation and improved safeguards for national interests.
The Federal Government said resolving the OPL 245 dispute removes one of the most prominent legacy risks in Nigeria’s upstream oil sector and reinforces the country’s commitment to transparent governance and commercially viable investment frameworks.
President Tinubu commended all institutions involved in achieving the settlement, including the Office of the Attorney-General of the Federation, the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, and NNPC Limited.
The administration noted that the resolution forms part of broader reforms aimed at unlocking Nigeria’s strategic energy assets, attracting responsible investment, and ensuring the country’s natural resources translate into sustainable growth, job creation, and long-term prosperity for Nigerians.
Tinubu Announces Settlement of Long-Standing OPL 245 Dispute with ENI
