Nigeria’s Federal Government has restructured the controversial oil prospecting licence, OPL 245, dividing it into four separate assets in what appears to be a decisive move to revive development of the deepwater field after years of legal battles.
Sources familiar with the matter disclosed that the newly created blocks will be operated by Eni and Shell, potentially paving the way for long-delayed investment in one of the country’s largest offshore discoveries.
OPL 245, widely regarded as one of Nigeria’s most promising untapped reserves, has remained dormant for nearly three decades due to disputes that spanned multiple jurisdictions, including Nigeria and Italy. The fresh restructuring is expected to simplify ownership and operational arrangements, allowing the asset to finally move toward production.
The oil block was initially awarded in 1998 to Malabu Oil and Gas, a firm linked to former petroleum minister Dan Etete. Years later, Eni and Shell acquired rights to the block in a transaction valued at approximately $1.3 billion.
That deal later became the focus of a high-profile corruption investigation in Europe. Italian prosecutors alleged that parts of the payment were improperly channelled to politicians and middlemen.
The case led to a lengthy trial in Milan involving senior executives, including Eni’s Chief Executive Officer, Claudio Descalzi.
In 2021, an Italian court cleared the companies and their executives of wrongdoing, effectively closing the criminal proceedings abroad. Both oil majors consistently denied any misconduct throughout the trial.
As of press time, neither Eni nor Shell had publicly commented on the latest restructuring. The Nigerian National Petroleum Company Limited had also yet to release an official statement.
Industry observers say splitting OPL 245 into four assets could reduce lingering legal uncertainties and accelerate final investment decisions.
If development proceeds as anticipated, the field could significantly expand Nigeria’s crude production capacity and attract new capital into the country’s deepwater sector.
Further details are expected once final agreements are formally executed and the structure of the new assets is officially announced.
