President Bola Ahmed Tinubu has finally resolved the long-standing dispute surrounding Oil Prospecting License (OPL) 245 in the Niger Delta, bringing an end to a controversy that has lasted for more than 15 years.
In a statement released on Thursday, the Federal Government of Nigeria announced that Italian energy company Eni and its subsidiary, Nigerian Agip Exploration Limited (NAEL), have signed a settlement agreement in Abuja.
The agreement followed a high-level meeting involving the Chief Executive Officer of Eni, Claudio Descalzi; Managing Director of NAEL, Fabrizio Bolondi; and Tinubu’s Special Adviser on Energy, Olu Arowolo-Verheijen.
OPL 245 is widely regarded as one of Nigeria’s largest untapped oil blocks and has been the subject of legal and regulatory disputes for over a decade, drawing global attention and affecting investor confidence in the country’s oil and gas sector.
Speaking on the resolution, President Tinubu said the settlement demonstrates Nigeria’s commitment to resolving long-standing disputes and strengthening the investment climate.
“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,” Tinubu stated.
According to Arowolo-Verheijen, the new settlement significantly improves upon the earlier agreement reached in 2011, ensuring better value for Nigeria while also providing clarity and stability for investors.
She explained that the revised terms were carefully negotiated to achieve a balanced outcome that protects national interests while encouraging investment in the country’s energy sector.
“The revised terms strike a balanced outcome, ensuring stronger value accretion and safeguards for the Federation while offering investors the predictability they require,” she said.
The resolution of the OPL 245 dispute is expected to boost confidence among international investors and potentially unlock new opportunities for exploration and development in Nigeria’s oil industry.
