By Abuja, Nigeria
President Bola Ahmed Tinubu has announced the resolution of the long-running dispute over Oil Prospecting Licence (OPL) 245, describing the settlement as a major milestone that could unlock significant deepwater investment in Nigeria’s oil and gas sector.
The President made the announcement during a meeting at the State House in Abuja with senior executives of Eni, including the company’s Chief Executive Officer, Claudio Descalzi, Chief Operating Officer Guido Brusco, and Head of Sub-Saharan Africa Mario Bello. Also present was the Managing Director of Nigerian Agip Exploration Limited, Fabrizio Bolondi, alongside the President’s Special Adviser on Energy, Olu Arowolo-Verheijen.
According to the Presidency, the settlement agreement between the Federal Government, Eni and Nigerian Agip Exploration Limited brings to an end a dispute that has lasted more than 15 years.
The agreement, signed in Abuja, resolves longstanding legal and commercial disagreements surrounding OPL 245, widely regarded as one of Nigeria’s most commercially promising deepwater oil blocks.
President Tinubu said the resolution reflects his administration’s commitment to addressing legacy issues in the oil and gas sector while creating 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.
Energy adviser Arowolo-Verheijen noted that the new agreement improves on the earlier 2011 resolution arrangement and aligns with the regulatory framework established under the Petroleum Industry Act.
She said the revised terms provide greater clarity and predictability for investors while ensuring stronger value and safeguards for the Nigerian federation.
The Presidency added that the settlement forms part of broader reforms in Nigeria’s energy sector since 2023, aimed at restoring competitiveness in global energy markets and attracting fresh capital inflows.
President Tinubu also commended key institutions that contributed to the resolution, including the Office of the Attorney General of the Federation, the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission and NNPC Limited.
