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President has announced the successful resolution of the long-standing dispute over Oil Prospecting Licence 245 (OPL 245), describing the development as a major milestone that will unlock significant deepwater investment in Nigeria’s oil and gas sector.
The settlement agreement, reached between the Federal Government of Nigeria, , and (NAEL), was disclosed on Thursday following a meeting at the Presidential Villa in .
The meeting was attended by Eni’s Chief Executive Officer, ; the company’s Chief Operating Officer, ; Head of Sub-Saharan Africa Region, ; Managing Director of Nigerian Agip Exploration, ; and the President’s Special Adviser on Energy, .
According to the presidency, the agreement brings to an end a dispute that has lingered for more than 15 years over the ownership and development of the OPL 245 block, widely regarded as one of Nigeria’s most commercially promising deepwater oil assets.
With the settlement now concluded, the government said the development clears the path for a Final Investment Decision on the Zabazaba–Etan deepwater project, which is expected to add about 150,000 barrels of crude oil per day to Nigeria’s production capacity.
Tinubu described the resolution as a strategic milestone in the administration’s economic reform programme and reaffirmed his government’s commitment to resolving legacy disputes and restoring investor confidence in 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.
Energy adviser Arowolo-Verheijen noted that the settlement represents a significant improvement on the 2011 resolution agreement and aligns with the policy framework established under the .
He explained that the revised terms strike a balance between providing investors with the clarity and predictability required for large-scale deepwater investments while ensuring stronger value and safeguards for the Nigerian federation.
According to him, the resolution forms part of broader reforms initiated since 2023 to enhance Nigeria’s competitiveness in the global energy market. These reforms, anchored on the Petroleum Industry Act and supported by executive actions, have helped attract renewed investor interest and fresh capital inflows into the country’s oil and gas sector.
Arowolo-Verheijen added that resolving the OPL 245 dispute removes one of the most prominent legacy risks in Nigeria’s upstream petroleum sector and reinforces the government’s commitment to predictable regulation, transparent governance, and commercially viable investment frameworks.
Tinubu also commended key institutions that contributed to the settlement, including the Office of the Attorney General of the Federation, the Ministry of Petroleum Resources, the , and , as well as the leadership of Eni.
The presidency said the resolution underscores the administration’s determination to unlock Nigeria’s strategic energy assets, attract responsible investment, and ensure the country’s natural resources translate into economic growth, job creation, and long-term prosperity for Nigerians
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