President Bola Ahmed Tinubu has announced the successful resolution of the long-standing dispute over Oil Prospecting Licence (OPL) 245, following a settlement agreement between the Federal Government of Nigeria, Eni, and Nigerian Agip Exploration Limited.
The agreement, reached in Abuja, brings to an end a dispute that has lasted for more than 15 years and clears the way for the development of one of Nigeria’s most commercially promising deepwater oil blocks.
The President made the announcement during a meeting at the State House attended by the Chief Executive Officer of Eni, Claudio Descalzi; the company’s Chief Operating Officer, Guido Brusco; Head of the Sub-Saharan Region, Mario Bello; Managing Director of Nigerian Agip Exploration, Fabrizio Bolondi; and the Special Adviser to the President on Energy, Olu Arowolo-Verheijen.
According to the presidency, the settlement restores clarity and stability to the OPL 245 asset and paves the way for a Final Investment Decision on the Zabazaba–Etan deepwater project.
Once developed, the project is expected to add about 150,000 barrels per day to Nigeria’s oil production capacity, strengthening the country’s long-term energy outlook.
President Tinubu described the agreement as a strategic milestone in his administration’s economic reform agenda, noting that it demonstrates Nigeria’s readiness to resolve legacy disputes and restore investor confidence.
“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.
Arowolo-Verheijen stated that the settlement represents a significant improvement on the 2011 resolution agreement and aligns with the policy framework established under the Petroleum Industry Act.
He added that the revised terms provide investors with clarity and predictability required for major deepwater investments while ensuring stronger value and safeguards for the federation.
The Federal Government noted that resolving the dispute removes one of the most prominent legacy risks in Nigeria’s upstream sector and reinforces its commitment to predictable regulation and transparent governance.
President Tinubu also commended institutions that 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, NNPC Limited, and the leadership of Eni.
The presidency said 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 economic growth, job creation, and long-term prosperity.
