President Bola Ahmed Tinubu has announced the successful conclusion of a historic settlement between the Federal Government of Nigeria, Eni, and Nigerian Agip Exploration Limited (NAEL), bringing an end to the long-standing dispute over Oil Prospecting Licence (OPL) 245.
The announcement was made during a meeting at the President’s office attended by the Chief Executive Officer of Eni, Claudio Descalzi; the Chief Operating Officer, Guido Brusco; the Head of Sub-Saharan Region, Mario Bello; the Managing Director of Nigerian Agip Exploration, Fabrizio Bolondi; and the Special Adviser to the President on Energy, Olu Arowolo-Verheijen.
Signed in Abuja, the agreement resolves a dispute that has lasted more than 15 years and restores clarity to OPL 245, widely regarded as one of Nigeria’s most commercially promising deepwater blocks.
With the settlement in place, the path has been cleared for a Final Investment Decision on the Zabazaba–Etan deepwater project, which is projected to add about 150,000 barrels per day to Nigeria’s oil production capacity and strengthen the country’s long-term energy outlook.
President Tinubu described the agreement as a major milestone in Nigeria’s economic reform agenda, noting that it reflects the administration’s commitment to resolving legacy disputes, restoring investor confidence, and ensuring that the nation’s natural resources deliver sustainable value to its citizens.
“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 noted that the settlement represents a significant improvement on the 2011 Resolution Agreement, reflecting the policy framework established under the Petroleum Industry Act and the administration’s broader fiscal and governance reforms in the energy sector.
According to her, the revised terms provide investors with greater clarity and predictability to proceed with large-scale deepwater investments while also strengthening value returns and safeguards for the Federation.
The agreement forms part of a broader reform programme introduced since 2023 to restore Nigeria’s competitiveness in global energy markets. These reforms, anchored on the Petroleum Industry Act and supported by targeted executive actions, have already stimulated renewed investor interest and increased capital inflows into the country’s oil and gas sector.
Arowolo-Verheijen added that the settlement removes one of the most prominent legacy risks in Nigeria’s upstream sector and reinforces the Federal Government’s commitment to predictable regulation, transparent governance, and commercially viable investment frameworks.
President Tinubu also commended the institutions and stakeholders that contributed to achieving the settlement, including the Office of the Attorney General of the Federation, the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and NNPC Limited, as well as the leadership of Eni.
The successful resolution, according to the Presidency, underscores the administration’s determination to unlock Nigeria’s strategic energy assets, attract responsible investment, and ensure that the country’s resources translate into economic growth, job creation, and long-term prosperity for Nigerians.
