The resolution of the long-standing Oil Prospecting Lease (OPL) 245 dispute is expected to unlock an additional 150,000 barrels per day (bpd) for Nigeria’s crude oil production, the Nigerian National Petroleum Company Limited (NNPCL) said on Saturday.
In a statement issued from Abuja, NNPCL Group Chief Executive Officer Bayo Ojulari said the settlement enables the development of the Zabazaba–Etan deepwater project, one of Nigeria’s most strategic oil assets.
Ojulari described the development as a “major milestone” for the country and NNPCL, adding that it demonstrates the value of collaboration and persistence.
He stated, “Progressing this development could add approximately 150,000 barrels per day to Nigeria’s oil production, strengthening our national energy security and economic resilience.”
The announcement followed a settlement agreement signed on March 5 in the President’s office, which ended a dispute spanning over 15 years.
The meeting was attended by President Bola Ahmed Tinubu, the Chief Executive Officer of Eni, Claudio Descalzi; Chief Operating Officer of Eni, Guido Brusco; Head of Sub-Saharan Region, Mario Bello; Managing Director of Nigerian Agip Exploration Limited (NAEL), Fabrizio Bolondi; and the President’s Special Adviser on Energy, Olu Verheijen.
Ojulari noted that President Tinubu had entrusted NNPCL with supporting the resolution of the OPL 245 dispute and highlighted that the agreement sends a clear signal to global investors that Nigeria is ready to address legacy issues transparently.
“The resolution clears the path for the development of one of Nigeria’s most commercially promising deepwater assets,” Ojulari said.
The Presidency’s media aide, Bayo Onanuga, confirmed that the settlement restores clarity and stability to the asset, which is widely recognised as a key resource for Nigeria’s energy sector.
