Just In: Bola Ahmed Tinubu Announces Resolution Of OPL 245 Dispute

President Bola Ahmed Tinubu has announced the successful resolution of the protracted dispute surrounding Oil Prospecting Licence (OPL) 245, following a settlement agreement reached between the Federal Government and energy firm Eni, alongside Nigerian Agip Exploration Limited.

According to Ireporter Online, the breakthrough was unveiled during a high-level meeting at the Presidential Villa in Abuja attended by Eni’s Chief Executive Officer, Claudio Descalzi, senior executives of the company, and the President’s Special Adviser on Energy, Olu Arowolo-Verheijen. The development was formally disclosed in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

The Presidency stated that the agreement effectively ends a dispute that has persisted for more than 15 years, restoring certainty to one of Nigeria’s most commercially viable deepwater oil assets. The settlement, signed in Abuja, is expected to reopen the offshore block for fresh development activities.

Officials indicated that the resolution clears the way for a Final Investment Decision on the Zabazaba–Etan deepwater project, a major initiative projected to significantly increase Nigeria’s crude oil output. The project is estimated to contribute about 150,000 barrels of crude oil per day to the nation’s production capacity upon commencement.

Government sources further noted that the development is poised to enhance Nigeria’s long-term energy security and stimulate renewed investor confidence in the oil and gas sector.

President Tinubu described the agreement as a strategic milestone aligned with his administration’s economic reform agenda. He stated that resolving the dispute sends a strong message to global investors about Nigeria’s commitment to transparency, regulatory stability, and the rule of law.

Arowolo-Verheijen explained that the new settlement framework marks a notable improvement on the 2011 arrangement, reflecting reforms introduced under the Petroleum Industry Act. She said the revised terms strike a balance between providing clarity and predictability for investors while ensuring stronger value and safeguards for the Federation.

The Presidency added that the settlement forms part of broader reforms implemented since 2023 to strengthen Nigeria’s competitiveness in the global energy market. These reforms, anchored on the Petroleum Industry Act and reinforced by executive measures, have reportedly attracted renewed investor interest and capital inflows into the sector.

The President commended key institutions and stakeholders involved in achieving 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.

According to the Presidency, the resolution underscores the administration’s determination to unlock Nigeria’s strategic energy assets and ensure that the nation’s natural resources drive economic growth, job creation, and long-term prosperity.