By Amofokhai Williams
President Bola Ahmed Tinubu has announced the resolution of the long-running dispute surrounding Oil Prospecting Licence (OPL) 245, a development expected to unlock major deepwater oil investments and boost Nigeria’s production capacity.
The settlement agreement was reached between the Federal Government of Nigeria, Italian energy giant Eni and Nigerian Agip Exploration Limited (NAEL), effectively ending a legal and commercial dispute that has lingered for more than 15 years.
The agreement was concluded at a meeting held at the State House in Abuja, attended by Eni’s Chief Executive Officer Claudio Descalzi, the company’s Chief Operating Officer Guido Brusco, Head of Sub-Saharan Africa operations Mario Bello, and Managing Director of Nigerian Agip Exploration Fabrizio Bolondi. Also present was the President’s Special Adviser on Energy, Olu Verheijen.
The resolution clears the way for the development of one of Nigeria’s most commercially promising deepwater assets and removes a major uncertainty that has weighed on investment in the country’s upstream oil sector.
With the dispute settled, attention is expected to shift to the Zabazaba–Etan deepwater project, which could add about 150,000 barrels of oil per day to Nigeria’s production capacity once fully developed.
President Tinubu described the settlement as a significant milestone in the administration’s economic reform agenda and a signal to international investors that Nigeria is committed to resolving legacy disputes in the energy sector.
“This resolution sends a clear message to global investors that Nigeria is prepared to address long-standing issues transparently, uphold the rule of law and provide a stable environment for long-term investment,” the President said.
Energy adviser Verheijen said the new agreement improves upon the earlier 2011 arrangement and aligns with reforms introduced under the Petroleum Industry Act.
According to her, the revised framework provides investors with greater clarity and predictability while also strengthening value for the Nigerian government.
She noted that the settlement reflects the Tinubu administration’s broader push to reposition Nigeria as a competitive destination for energy investment through regulatory reforms, improved governance and more investor-friendly policies.
Officials said resolving the OPL 245 dispute removes one of the most prominent legacy risks in Nigeria’s oil and gas sector and reinforces the government’s commitment to transparent regulation and commercially viable investment frameworks.
President Tinubu commended the institutions and stakeholders involved in achieving the settlement, including the Office of the Attorney-General of the Federation, the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission and NNPC Limited.
The government said the breakthrough forms part of wider reforms aimed at unlocking Nigeria’s strategic energy resources, attracting responsible investment and translating the country’s natural wealth into jobs, growth and long-term economic benefits for Nigerians.
