President Bola Tinubu has resolved the 15-year OPL 245 dispute, unlocking Nigeria’s deepwater oil potential and signaling renewed investor confidence in the energy sector.
Nigeria Ends 15-Year OPL 245 Dispute: Tinubu Hails New Era for Oil Investment
President Bola Ahmed Tinubu has announced the resolution of Nigeria’s longest-running oil dispute, declaring the settlement over Oil Prospecting Licence (OPL) 245 a landmark step toward unlocking one of the country’s most commercially promising deepwater assets.
The agreement, signed in Abuja between the Federal Government, Italian energy giant Eni, and its subsidiary Nigerian Agip Exploration Limited (NAEL), formally ends a legal and commercial standoff that has dragged on for more than 15 years.
Speaking at the Presidential Villa alongside Eni’s Chief Executive Officer Claudio Descalzi and other top executives, Tinubu described the deal as a strategic milestone for Nigeria’s energy sector.
“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.
The settlement restores regulatory clarity to OPL 245, widely regarded as one of Nigeria’s most valuable deepwater blocks. Attention now shifts to the planned Zabazaba–Etan development, expected to deliver about 150,000 barrels of oil per day at peak production once a final investment decision is taken.
Special Adviser on Energy, Olu Arowolo-Verheijen, noted that the agreement improves on the 2011 framework and aligns with the Petroleum Industry Act, offering investors greater predictability while ensuring stronger value for Nigeria.
Tinubu commended the Office of the Attorney General, the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, NNPC Limited, and Eni for their roles in securing the settlement. He emphasized that 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.
Unlocking strategic assets like OPL 245, Tinubu added, is central to his administration’s plan to drive economic growth, create jobs, and ensure Nigeria’s natural resources deliver long-term value for its citizens. Read More
