President Bola Tinubu has announced the successful conclusion of a settlement agreement between the Federal Government, ENI, and Nigerian Agip Exploration Limited over the long-standing dispute concerning Oil Prospecting Licence (OPL) 245.
The agreement, signed in Abuja, brings to a close a controversy spanning more than 15 years and restores clarity to one of Nigeria’s most commercially promising deepwater blocks.
The resolution paves the way for a Final Investment Decision on the Zabazaba–Etan development, a project capable of adding approximately 150,000 barrels per day to Nigeria’s production capacity.
President Tinubu described the agreement as a strategic milestone in Nigeria’s economic reform agenda.
He reaffirmed the administration’s commitment to resolving legacy disputes, restoring investor confidence, and ensuring that natural resources deliver sustainable value to Nigerians.
The agreement represents a significant improvement on the 2011 Resolution Agreement, reflecting the policy framework established under the Petroleum Industry Act.
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Presidential Adviser on Energy Olu Arowolo-Verheijen stated that the revised terms strike a balanced outcome for all parties.
She noted that the agreement provides investors with the clarity and predictability required to proceed with major deepwater investments.
The terms also ensure stronger value accretion and safeguards for the Federation, according to the Presidential Adviser.
By resolving the OPL 245 dispute, the Federal Government has removed one of the most prominent legacy risks in Nigeria’s upstream sector.
The settlement reinforces the government’s commitment to predictable regulation and transparent governance in the oil and gas industry.
The agreement is part of a wider programme of reforms undertaken since 2023 to restore Nigeria’s competitiveness in global energy markets.
These reforms have already contributed to renewed investor interest and significant capital inflows into the sector.
