Tinubu Oversees Resolution of OPL 245 Dispute, Paves Way for Major Deepwater Investment

President Bola Ahmed Tinubu has announced the successful resolution of the long-running dispute over Oil Prospecting Licence 245 (OPL 245), a development expected to unlock major deepwater oil investments and boost Nigeria’s crude production capacity.

The agreement, reached between the Federal Government of Nigeria, Eni, and Nigerian Agip Exploration Limited, was finalised during a meeting at the Presidential Villa in Abuja.

Present at the meeting were Eni’s Chief Executive Officer Claudio Descalzi, Chief Operating Officer Guido Brusco, Head of Sub-Saharan Region Mario Bello, Managing Director of Nigerian Agip Exploration Fabrizio Bolondi, and the President’s Special Adviser on Energy Olu Verheijen.

The settlement ends a dispute that has lasted more than 15 years and restores clarity to one of Nigeria’s most commercially promising deepwater oil assets.

With the dispute resolved, stakeholders say the pathway is now open for a Final Investment Decision on the Zabazaba–Etan deepwater project. The project is expected to add about 150,000 barrels per day to Nigeria’s oil production capacity and strengthen the country’s long-term energy outlook.

Tinubu described the agreement as a strategic milestone in the government’s economic reform efforts, noting that resolving legacy disputes is key to restoring investor confidence and ensuring Nigeria’s natural resources deliver value to 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.

Energy adviser Verheijen explained that the settlement represents a significant improvement on the 2011 resolution agreement and aligns with the policy framework introduced under the Petroleum Industry Act.

According to her, the revised terms provide investors with the clarity and predictability needed to proceed with large-scale deepwater investments, while also ensuring stronger value and safeguards for the federation.

The resolution forms part of broader reforms undertaken since 2023 to strengthen Nigeria’s competitiveness in global energy markets. These reforms, anchored in the Petroleum Industry Act and supported by executive actions, have helped renew investor interest and attract capital into the country’s oil and gas sector.

The President commended key institutions involved in reaching the agreement, 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 settlement underscores its commitment to unlocking Nigeria’s strategic energy assets, attracting responsible investment, and ensuring that the nation’s resources translate into growth, jobs, and long-term prosperity.