President Bola Ahmed Tinubu has resolved the long-standing dispute surrounding Oil Prospecting License (OPL) 245 in the Niger Delta, bringing to an end a controversy that has lingered for about 15 years.
The Nigerian government announced on Thursday that Italian energy company Eni and its subsidiary, Nigerian Agip Exploration Limited (NAEL), signed a settlement agreement with the Federal Government in Abuja.
The agreement followed a meeting between Eni’s Chief Executive Officer, Claudio Descalzi, NAEL Managing Director Fabrizio Bolondi, and the President’s Special Adviser on Energy, Olu Arowolo-Verheijen.
Speaking on the development, President Tinubu said the resolution demonstrates Nigeria’s commitment to transparency and investor confidence in the country’s oil and gas sector.
“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.
Arowolo-Verheijen explained that the new agreement improves on the 2011 arrangement, offering greater value and safeguards for Nigeria while providing certainty for investors.
“The revised terms strike a balanced outcome between safeguarding Nigeria’s strategic interests and providing investors with the predictability needed to proceed with project development, ensuring stronger value accretion for the Federation,” she stated.
OPL 245, widely regarded as Nigeria’s largest untapped deepwater oil block, has been at the centre of legal and political disputes for more than a decade involving international oil companies and the Nigerian government.
The latest settlement is expected to pave the way for renewed investment and potential development of the oil block.
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