Tinubu Announces End To 15-Year OPL 245 Dispute, Clears Path For Major Deepwater Oil Investment

President Bola Ahmed Tinubu on Thursday announced the resolution of the long-running dispute over Oil Prospecting Licence (OPL) 245, describing the agreement as a major step toward unlocking one of Nigeria’s most commercially promising deepwater oil assets.

The settlement, reached between the Federal Government of Nigeria, Italian energy giant Eni and its subsidiary Nigerian Agip Exploration Limited (NAEL), formally brings to a close a legal and commercial standoff that has lingered for more than 15 years.

The announcement was made during a meeting at the Presidential Villa in Abuja attended by Eni’s Chief Executive Officer Claudio Descalzi, Chief Operating Officer Guido Brusco, Head of Sub-Saharan Africa Mario Bello, Managing Director of NAEL Fabrizio Bolondi, and the President’s Special Adviser on Energy Olu Arowolo?Verheijen.

Signed in Abuja, the agreement settles the long-standing dispute surrounding OPL 245 and restores regulatory clarity to a block widely regarded as one of Nigeria’s most valuable deepwater resources.

With the dispute now resolved, attention shifts to the planned Zabazaba–Etan development, a project expected to deliver about 150,000 barrels of oil per day at peak production once a final investment decision is taken.

Tinubu described the settlement as a strategic milestone that signals Nigeria’s determination to address long-standing issues in the energy sector while strengthening 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.

According to Arowolo-Verheijen, the agreement improves on a previous 2011 resolution framework and reflects the regulatory structure introduced by the Petroleum Industry Act.
She said the revised terms provide investors with greater clarity and predictability while ensuring stronger value for the Nigerian federation and improved safeguards in the management of the asset.

The OPL 245 settlement is part of a broader effort by the Tinubu administration to reposition Nigeria’s oil and gas sector following years of legal disputes, regulatory uncertainty and declining investment.

Officials say reforms implemented since 2023 — anchored on the Petroleum Industry Act and reinforced through executive actions — have begun attracting renewed investor interest and fresh capital into the sector.

Tinubu commended the institutions involved in negotiating 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.
He said resolving the OPL 245 dispute removes one of the most prominent legacy risks in Nigeria’s upstream oil industry and strengthens the country’s reputation as a predictable destination for energy investment.

The president added that unlocking strategic assets such as OPL 245 is central to the government’s plan to drive economic growth, create jobs and ensure Nigeria’s natural resources deliver long-term value for its citizens.