By Ayo Kehinde
President Bola Tinubu, on Thursday, announced the historic resolution of the long-standing Oil Prospecting Licence (OPL) 245 dispute, clearing the way for one of Nigeria’s most significant deepwater oil developments.
The landmark settlement, signed in Abuja, ends a legal and commercial standoff that has persisted for over 15 years between the Federal Government of Nigeria, ENI, and Nigerian Agip Exploration Limited (NAEL).
President Tinubu announced this during a high-level meeting at the Presidential Villa attended by ENI executives, including the CEO, Claudio Descalzi, COO Guido Brusco, Head of Sub-Saharan Region Mario Bello, and the Managing Director of Nigerian Agip Exploration, Fabrizio Bolondi. The President’s Special Adviser on Energy, Olu Arowolo-Verheijen, was also present.
“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 settlement as a strategic milestone in the government’s economic reform agenda.
The agreement now allows for the Final Investment Decision on the Zabazaba–Etan development, a deepwater project expected to add around 150,000 barrels of oil per day to Nigeria’s production capacity, significantly bolstering the country’s long-term energy outlook.
A statement signed by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, highlighted that the agreement represents a major step in removing legacy risks from Nigeria’s upstream sector, reinforcing predictable regulation, transparent governance, and commercially viable investment frameworks.
Olu Arowolo-Verheijen noted that the settlement improves upon the 2011 resolution agreement, aligning with the Petroleum Industry Act (PIA) and broader fiscal and governance reforms.
“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”, he stated.
Since 2023, the Tinubu Administration has pursued reforms to restore Nigeria’s competitiveness in global energy markets, anchored in the PIA and supported by targeted executive actions. These measures have already attracted renewed investor interest and significant capital inflows into the nation’s oil and gas sector.
The President also commended institutions and stakeholders who contributed to the settlement, 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 successful resolution of OPL 245 underscores our commitment to unlocking Nigeria’s strategic energy assets, attracting responsible investment, and ensuring that our resources translate into growth, jobs, and long-term prosperity for Nigerians”, President Tinubu added.
