President Bola Ahmed Tinubu has announced the successful resolution of the long-running dispute over Oil Prospecting Licence (OPL) 245, describing the settlement as a major milestone capable of unlocking significant deepwater investment and boosting Nigeria’s oil production capacity.
The President disclosed the development on Thursday, 5th March,2026 at the Presidential Villa, Abuja, following the signing of a settlement agreement between the Federal Government of Nigeria, Italian energy giant Eni, and Nigerian Agip Exploration Limited (NAEL).
The meeting in the President’s office was attended by the Chief Executive Officer of Eni, Claudio Descalzi; the company’s Chief Operating Officer, Guido Brusco; Head of the Sub-Saharan Region, Mario Bello; Managing Director of Nigerian Agip Exploration, Fabrizio Bolondi; and the President’s Special Adviser on Energy, Olu Arowolo‑Verheijen.
According to the presidency, the agreement formally ends a dispute that has lasted more than 15 years over the highly valuable OPL 245 block and clears the path for renewed development of the asset.
The settlement is expected to facilitate the Final Investment Decision (FID) for the Zabazaba, Etan deepwater project, which has the potential to add about 150,000 barrels of crude oil per day to Nigeria’s production capacity.
President Tinubu said the agreement demonstrates the government’s commitment to addressing legacy issues in the oil and gas sector and strengthening investor confidence in the country.
“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.
Energy adviser Arowolo-Verheijen noted that the new settlement represents an improvement on the 2011 resolution arrangement and aligns with reforms introduced under the Petroleum Industry Act.
She explained that the revised terms provide investors with greater regulatory clarity and predictability while ensuring stronger value and safeguards for the Nigerian federation.
The Federal Government said the agreement forms part of broader reforms introduced since 2023 to improve Nigeria’s competitiveness in global energy markets, attract capital inflows, and stabilise the regulatory environment in the upstream oil sector.
Officials added that resolving the OPL 245 dispute removes one of the most significant legacy risks in Nigeria’s petroleum industry and reinforces the government’s commitment to transparent governance and commercially viable investment frameworks.
President Tinubu also commended key institutions involved in achieving the settlement, including the Office of the Attorney-General of the Federation, the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and NNPC Limited.
The presidency said the resolution is expected to unlock new investment, create jobs, and accelerate the development of Nigeria’s strategic energy assets while delivering long-term economic benefits to the country.
