President Bola Tinubu on Thursday resolved a lingering dispute in the nation’s upstream sector over Oil Prospecting Licence (OPL) 245.

Checks revealed that the oil block situated at about 150 km off the Niger Delta, covering a deep-water offshore has been subject matter of local and international litigations between certain International Oil Companies ( IOCs ) and some indigenous players.

Originally awarded to Malabu Oil and Gas, owned by former Petroleum Minister under the late General Sani Abacha regime, Chief Dan Etete, the licence was later acquired by Shell and Eni.

Further checks revealed that the OPL 245 was at the heart of a $ 1.3 billion bribery tagged the Malabu scandal.

A statement signed by Bayo Onanuga, Special Adviser to the President, Information and Strategy, on Thursday announced the successful conclusion of the historic settlement agreement by President Bola Tinubu between the Federal Government of Nigeria, ENI, and Nigerian Agip Exploration Limited (NAEL).

The agreement, signed in Abuja, marks the resolution of a dispute spanning more than 15 years and restores clarity and stability to an asset widely recognised as one of Nigeria’s most commercially promising deepwater blocks.

In attendance at the meeting held at the State House were Chief Executive Officers of the IOCs involved. The list included the Chief Executive Officer of Eni, Claudio Descalzi; Chief Operating Officer of Eni Guido Brusco and Head of Sub-Saharan Region, Mario Bello.

Others were Managing Director of Nigerian Agip Exploration, Fabrizio Bolondi and Special Adviser to the President on Energy, Olu Verheijen.

The agreement brought to a close the long-standing dispute over Oil Prospecting Licence (OPL) 245, paving the way for the development of one of Nigeria’s most significant deepwater resources.

According to the Presidential Spokesperson, “with the dispute now settled, the pathway is clear for Final Investment Decision on the Zabazaba–Etan development, a project capable of adding approximately 150,000 barrels per day to Nigeria’s production capacity and strengthening the country’s long-term energy outlook. ”

President Bola Ahmed Tinubu described the agreement as a strategic milestone in Nigeria’s economic reform agenda, reaffirming the administration’s commitment to resolving legacy disputes, restoring investor confidence, and ensuring that Nigeria’s natural resources deliver sustainable value to the Nigerian people.

He said, “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.”

Also commenting on the successful deal, Presidential Sdviser on Energy,

Olu Arowolo-Verheijen said, “The settlement also represents a significant improvement on the 2011 Resolution Agreement, reflecting the policy framework established under the Petroleum Industry Act (PIA) and the administration’s broader fiscal and governance reforms in the energy sector”, said Olu Arowolo-Verheijen, Presidential adviser on energy.

“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.”

“By resolving the OPL 245 dispute, the federal government has removed one of the most prominent legacy risks in Nigeria’s upstream sector and reinforced its commitment to predictable regulation, transparent governance, and commercially viable investment frameworks.”

The agreement is part of a wider programme of reforms undertaken since 2023 to restore Nigeria’s competitiveness in global energy markets.

These reforms, anchored in the Petroleum Industry Act and supported by targeted executive actions, have already contributed to renewed investor interest and significant capital inflows into Nigeria’s oil and gas sector.

President Tinubu commended all institutions and stakeholders who contributed to achieving the settlement, including the Office of the Attorney General of the Federation, the Ministry of Petroleum Resources, the Special Adviser to the President on Energy, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), NNPC Limited, and the leadership of ENI.

The statement emphasised that “the successful resolution underscores the Tinubu Administration’s determination to unlock Nigeria’s strategic energy assets, attract responsible investment, and ensure that the nation’s resources translate into growth, jobs, and long-term prosperity for Nigerians.”

 

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