Tinubu Oversees Historic Settlement of OPL 245 Dispute, Opens Door for Major Deepwater Oil Investment

P President Bola Ahmed Tinubu has announced the successful resolution of the long-standing dispute surrounding Oil Prospecting Licence 245 (OPL 245), a development expected to unlock significant deepwater investment and boost Nigeria’s oil production capacity.

The settlement agreement was reached between the Federal Government of Nigeria, Eni, and Nigerian Agip Exploration Limited (NAEL) during a meeting held at the President’s office in Abuja.

The meeting was attended by Eni’s Chief Executive Officer, Claudio Descalzi; Chief Operating Officer, Guido Brusco; Head of Sub-Saharan Region, Mario Bello; Managing Director of Nigerian Agip Exploration, Fabrizio Bolondi; and the President’s Special Adviser on Energy, Olu Verheijen.

The agreement, signed in Abuja, ends a dispute that has lasted for more than 15 years over one of Nigeria’s most commercially promising deepwater oil blocks.

With the dispute now resolved, the parties are expected to proceed with the Final Investment Decision for the Zabazaba–Etan deepwater project, which could add approximately 150,000 barrels of crude oil per day to Nigeria’s production capacity and strengthen the country’s long-term energy outlook.

President Tinubu described the settlement as a major milestone in Nigeria’s economic reform agenda, noting that it demonstrates the government’s commitment to resolving legacy disputes and restoring investor confidence.

> “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.



According to the Presidential Adviser on Energy, Olu Verheijen, the settlement represents a significant improvement on the 2011 resolution agreement and aligns with reforms introduced under the Petroleum Industry Act.

> “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,” Verheijen stated.



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 predictable regulation and transparent governance.

The Federal Government noted that the agreement forms part of broader reforms introduced since 2023 to enhance Nigeria’s competitiveness in global energy markets and attract new capital into the oil and gas sector.

President Tinubu also commended institutions and stakeholders who contributed to the settlement, including the Office of the Attorney General of the Federation, the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, and NNPC Limited.