President Bola Tinubu on Thursday presided over the conclusion of a settlement between the Federal Government, ENI, and Nigerian Agip Exploration Limited, bringing an end to a long-standing dispute over Oil Prospecting Licence (OPL) 245 that has lasted more than 15 years.
The agreement was reached during a closed-door meeting at the State House, with senior representatives from ENI and NAEL in attendance, including ENI CEO Claudio Descalzi, Chief Operating Officer Guido Brusco, Head of Sub-Saharan Region Mario Bello, and NAEL Managing Director Fabrizio Bolondi.
The resolution clears the way for the development of the Zabazaba–Etan deepwater project, which is expected to add approximately 150,000 barrels per day to Nigeria’s oil production capacity and strengthen the country’s long-term energy outlook.
President Tinubu described the settlement as a strategic achievement in his administration’s economic reform agenda and a key measure to restore investor confidence in Nigeria’s energy 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,” Tinubu said.
He praised the contributions of various institutions and stakeholders 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, NNPC Limited, and the leadership of ENI.
President’s Special Adviser on Energy, Olu Verheijen, noted that the settlement reflects a significant improvement over a 2011 agreement.
She said the revised terms align with the policy framework of the Petroleum Industry Act and broader fiscal and governance reforms in the oil and gas sector.
According to Verheijen, the agreement provides clarity and predictability for investors while ensuring stronger value for the federation.
She added that resolving the OPL 245 dispute removes one of the most prominent legacy risks in Nigeria’s upstream oil sector and reinforces the government’s commitment to transparent regulation and commercially viable investment frameworks.
The settlement forms part of wider reforms implemented since 2023 aimed at enhancing Nigeria’s competitiveness in global energy markets and attracting new investment into the oil and gas industry.
The President affirmed that the agreement demonstrates the administration’s commitment to unlocking Nigeria’s strategic energy assets and ensuring that the nation’s resources deliver sustainable value to its citizens.
