Settlement Reached in 15-Year OPL 245 Dispute Under Tinubu's Leadership

President Bola Tinubu presided over the conclusion of a settlement agreement that has successfully resolved the 15-year dispute involving the Federal Government, ENI, and Nigerian Agip Exploration Limited (NAEL) regarding Oil Prospecting Licence (OPL) 245.

The agreement was finalized during a closed-door meeting held at the State House in Abuja, bringing an end to a protracted legal battle that has lasted over fifteen years.

A statement from presidential spokesman Bayo Onanuga revealed that the meeting included key figures such as Claudio Descalzi, CEO of ENI; Guido Brusco, COO; Mario Bello, Head of Sub-Saharan Region; Fabrizio Bolondi, Managing Director of Nigerian Agip Exploration; and Olu Verheijen, Special Adviser on Energy to the President.

This resolution is expected to facilitate the development of one of Nigeria's most promising deepwater oil blocks.

With the dispute now settled, the government announced that a Final Investment Decision for the Zabazaba–Etan project is forthcoming.

The anticipated deepwater development is projected to enhance Nigeria's oil production capacity by approximately 150,000 barrels per day, significantly improving the nation's energy outlook.

Tinubu has hailed this agreement as a crucial milestone in his administration's economic reform strategy and an important move towards restoring investor confidence in the energy sector of Nigeria.

“This resolution conveys a clear message to global investors that Nigeria is committed to resolving legacy issues transparently, respecting the rule of law, and creating a stable environment for long-term investment,” the President stated.

He expressed gratitude to all institutions and parties involved in brokering the settlement, acknowledging specifically the efforts of 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 ENI's leadership.

Tinubu highlighted that the agreement reflects the government's commitment to unlocking Nigeria's energy assets and ensuring that its resources yield sustainable benefits for the populace.

Olu Verheijen, the President’s Energy Adviser, noted that this settlement signifies a notable advancement from the 2011 resolution agreement.

She asserted that the updated terms align with the regulatory framework under the Petroleum Industry Act and the broader fiscal and governance reforms in the energy sector undertaken by the administration.

Verheijen emphasized that the conclusion of the OPL 245 dispute mitigates one of the major legacy risks in Nigeria’s upstream oil sector, thereby reinforcing the government’s commitment to transparent regulation alongside commercially viable investment frameworks.

This settlement is a part of wider reforms initiated since 2023 aimed at enhancing Nigeria's competitiveness in global energy markets and attracting new investments in the oil and gas sector.