President Bola Tinubu, on Thursday, presided over a meeting that led to the resolution of a dispute between the Nigerian government, multinational oil giant ENI, and the Nigerian Agip Exploration Limited (NAEL) on the Prospecting Licence (OPL) 245.
The resolution was sealed with a historic settlement agreement between the Federal Government, ENI, and Agip.
According to a statement by Tinubu’s spokesman, Bayo Onanuga, the meeting, which was held in the president’s office at the Villa, was attended by the Chief Executive Officer of Eni, Claudio Descalzi; the Chief Operating Officer, Guido Brusco; the Head of the Sub-Saharan Region, Mario Bello; the Managing Director of Nigerian Agip Exploration, Fabrizio Bolondi; and the Special Adviser to the President on Energy, Olu Arowolo-Verheijen.
Onanuga said the settlement marks the end of a dispute that has lasted for about 15 years.
“The agreement brought to a close the long-standing dispute over Oil Prospecting Licence (OPL) 245, paving the way for the development of one of Nigeria’s most significant deepwater resources,” Onanuga stated.
“The agreement marks the resolution of a dispute spanning more than 15 years. It restores clarity and stability to an asset widely recognised as one of Nigeria’s most commercially promising deepwater blocks.”
The Presidency stressed that the resolution of the dispute has created a pathway for the Final Investment Decision (FID) on the Zabazaba–Etan project development. According to Onanuga, the project is capable of adding approximately 150,000 barrels per day to Nigeria’s crude oil production capacity and strengthening the country’s long-term energy outlook.
The statement said Tinubu described the agreement as a strategic milestone in Nigeria’s economic reform agenda, reaffirming the administration’s commitment to resolving legacy disputes, restoring investor confidence, and ensuring that Nigeria’s natural resources deliver sustainable value to the Nigerian people.
“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.
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Commenting on the settlement, the Presidential adviser on energy, Olu Arowolo-Verheijen, said it represents a significant improvement on the 2011 Resolution Agreement and also reflects the policy framework established under the Petroleum Industry Act (PIA) and the administration’s broader fiscal and governance reforms in the energy sector.
“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,” Arowolo-Verheijen added.
The agreement is part of a wider programme of reforms undertaken since 2023 to restore Nigeria’s competitiveness in global energy markets. These reforms, anchored in the Petroleum Industry Act and supported by targeted executive actions, have already contributed to renewed investor interest and significant capital inflows into Nigeria’s oil and gas sector.
“By resolving the OPL 245 dispute, the Federal Government has removed one of the most prominent legacy risks in Nigeria’s upstream sector and reinforced its commitment to predictable regulation, transparent governance, and commercially viable investment frameworks,” Verjeihen further said.
President Tinubu commended all institutions and stakeholders who contributed to achieving the settlement, including the Office of the Attorney General of the Federation, the Ministry of Petroleum Resources, the Special Adviser to the President on Energy, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), NNPC Limited, and the leadership of ENI.
It noted that the successful resolution underscores the Tinubu Administration’s determination to unlock Nigeria’s strategic energy assets, attract responsible investment, and ensure that the nation’s resources translate into growth, jobs, and long-term prosperity for Nigerians.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in mass communication.
