OPL 245 settlement to deliver 150,000bpd, $6bn investment — NNPC

TheNigerian National Petroleum Company Limited Group Chief Executive Officer, Bayo Ojulari, says the resolution of the long-standing dispute over Oil Prospecting Lease (OPL) 245 could unlock an additional 150,000 barrels per day (bpd) in Nigeria’s oil production as development of the Zabazaba–Etan deepwater project moves forward.

In a statement issued Friday, Ojulari said the settlement paves the way for the development of the Zabazaba–Etan deepwater project, a major offshore asset expected to boost the country’s crude output.

The announcement follows confirmation by the presidency that the federal government has reached a settlement agreement with Eni and Nigerian Agip Exploration Limited (NAEL), bringing an end to the long-standing dispute over OPL 245.

According to the presidency, the agreement clears the path for the development of one of Nigeria’s most significant deepwater resources.

In his reaction, Ojulari described the resolution as a “pivotal moment” for both Nigeria and NNPC as the country seeks to maximise the value of its energy resources.

“We are honoured that President Bola Ahmed Tinubu entrusted NNPC Limited with supporting the resolution of the long-standing OPL 245 dispute involving the Federal Government of Nigeria, ENI, and Nigerian Agip Exploration Limited,” Ojulari said.

He noted that the settlement now opens the door for the advancement of the Zabazaba–Etan project, which could significantly increase national oil production if fully developed.

“As noted by the President, this resolution clears the path for the development of one of Nigeria’s most strategic deepwater assets — the Zabazaba–Etan project,” he said.

Ojulari added that progressing the development could contribute an additional 150,000 bpd to Nigeria’s oil production, underscoring the country’s vast untapped energy potential.