Amanze Chinonye
President Tinubu has announced the resolution of the long-running dispute over Oil Prospecting Licence (OPL) 245, clearing the path for the development of one of Nigeria’s most commercially promising deepwater oil blocks.
The settlement, signed in Abuja, involves the Federal Government of Nigeria, Italian energy giant Eni, and its subsidiary Nigerian Agip Exploration Limited.
The agreement was disclosed during a meeting at the State House attended by Eni’s Chief Executive Officer Claudio Descalzi, Chief Operating Officer Guido Brusco, Head of the Sub-Saharan Region Mario Bello, Managing Director of NAEL Fabrizio Bolondi, and the President’s Special Adviser on Energy Olu Arowolo-Verheijen.
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According to the Presidency, the agreement ends a dispute that has lasted more than 15 years and restores clarity to an asset widely regarded as one of Nigeria’s most valuable deepwater oil blocks.
Tinubu described the settlement as a major step in the government’s economic reform agenda.
“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.
With the dispute now resolved, the pathway has been opened for a Final Investment Decision on the Zabazaba–Etan project, a development expected to add about 150,000 barrels of crude oil per day to Nigeria’s production capacity.
Officials said the project could significantly strengthen the country’s long-term energy outlook while attracting fresh capital into Nigeria’s deepwater oil sector.
Arowolo-Verheijen noted that the new settlement improves on the 2011 resolution agreement, aligning it with the framework established under the Petroleum Industry Act.
She said the revised terms offer investors the clarity and predictability required for large-scale investments while ensuring better value for the Nigerian federation.
“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.
The OPL 245 block, estimated to contain up to nine billion barrels of oil, has been embroiled in controversy since it was first awarded in 1998 to Malabu Oil and Gas, a company linked to former petroleum minister Dan Etete.
The block was later transferred to Eni and Shell in a 2011 deal that triggered corruption investigations in several jurisdictions, including Italy, over allegations that more than $1 billion in bribes were paid to secure the licence.
Although courts in Italy and other jurisdictions eventually acquitted the companies, the prolonged legal battles stalled development of the block for years.
The Federal Government recently restructured the asset into four new blocks to be operated by Eni and Shell, a move officials say will finally unlock the vast deepwater reserves after nearly three decades of legal and political disputes.
Tinubu commended institutions that contributed to resolving the dispute, including the Office of the Attorney General of the Federation, the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, and NNPC Limited.
According to the Presidency, the settlement is part of broader reforms since 2023 aimed at restoring investor confidence and improving Nigeria’s competitiveness in global energy markets.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
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