Nigeria, Eni reach settlement on OPL 245 after years of legal battles

President Bola Tinubu has announced the resolution of the long-running dispute over Oil Prospecting Licence (OPL) 245, a move the Federal Government says will unlock major investment in Nigeria’s deepwater oil sector.

The settlement agreement was reached between the Federal Government, Eni and Nigerian Agip Exploration Limited (NAEL) during a meeting at the presidential office in Abuja on Thursday.

The meeting was attended by Eni’s Chief Executive Officer, Claudio Descalzi, the company’s Chief Operating Officer Guido Brusco, Head of Sub-Saharan Region Mario Bello, Managing Director of NAEL Fabrizio Bolondi, and the President’s Special Adviser on Energy, Olu Verheijen.

According to the presidency, the agreement ends a dispute that has lasted more than 15 years and restores clarity to one of Nigeria’s most commercially promising deepwater oil blocks.

With the dispute resolved, the government said the path is now open for a Final Investment Decision on the Zabazaba–Etan deepwater project. The development is expected to add about 150,000 barrels of oil per day to Nigeria’s production capacity.

Tinubu described the settlement as a key step in his administration’s economic reform programme, aimed at resolving legacy disputes and rebuilding investor confidence.

“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.

Presidential adviser on energy Olu Verheijen said the new agreement improves on a previous resolution reached in 2011 and aligns with the policy framework established under the Petroleum Industry Act (PIA).