PRESIDENT Bola Ahmed Tinubu on Thursday announced the successful conclusion of a historic settlement between the Federal Government of Nigeria, Eni and Nigerian Agip Exploration Limited (NAEL), resolving the long-running dispute over Oil Prospecting Licence 245 (OPL 245) and clearing the path for major deepwater investments.
The agreement was reached during a meeting at the president’s office in Abuja attended by senior executives of the Italian energy group and top government officials. According to presidential spokesman Bayo Onanuga, participants included Eni Chief Executive Claudio Descalzi, Chief Operating Officer Guido Brusco, Head of the Sub-Saharan Africa region Mario Bello, Managing Director of Nigerian Agip Exploration Fabrizio Bolondi, and the president’s Special Adviser on Energy, Olu Verheijen.
The deal brings to an end more than 15 years of disputes surrounding the highly contested oil block and restores regulatory certainty to one of Nigeria’s most commercially promising deepwater assets.
Under the new arrangement signed in Abuja, the parties agreed to revised terms that reflect current regulatory and fiscal frameworks in Nigeria’s oil sector, particularly the provisions of the Petroleum Industry Act. The settlement replaces earlier arrangements and provides a clearer framework for the development of the asset.
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With the dispute now resolved, the path is open for a Final Investment Decision on the Zabazaba–Etan deepwater project. Once developed, the field is expected to add approximately 150,000 barrels per day to Nigeria’s oil production capacity, providing a significant boost to national output and strengthening the country’s long-term energy outlook.
Milestone agreement
Tinubu described the agreement as a strategic milestone within his administration’s broader economic reform programme, stressing the government’s determination to resolve legacy disputes that have historically discouraged investment in the 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.
Energy Adviser, Ms Olu Verheijen, said the settlement represents a substantial improvement on the earlier 2011 resolution agreement and aligns with policy changes introduced under the Petroleum Industry Act (PIA).
“The revised terms strike a balanced outcome providing investors with the clarity and predictability required to proceed with major deepwater investments, while ensuring stronger value accretion and safeguards for the Federation,” she said.
Onanuga noted that the settlement forms part of a wider set of reforms undertaken since 2023 to improve Nigeria’s attractiveness to global investors in the oil and gas sector.
According to him, reforms anchored in the PIA and supported by targeted executive actions have already begun to drive renewed investor interest and fresh capital inflows into Nigeria’s energy industry.
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He added that resolving the OPL 245 dispute removes one of the most prominent legacy risks in Nigeria’s upstream sector and reinforces the government’s commitment to transparent governance, predictable regulation and commercially viable investment frameworks.
Tinubu commended the institutions and stakeholders involved in securing the agreement, including the Office of the Attorney General of the Federation, the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, NNPC Limited, and the leadership of Eni.
The resolution, the presidency said, underscores the administration’s push to unlock Nigeria’s strategic energy assets, attract responsible investment and ensure that the country’s vast natural resources translate into economic growth, job creation and long-term prosperity.
